What is a Colorado Business Services Bond?
Learn how a Business Services Bond can improve your business!
Businesses, particularly those that provide home services by skilled tradespeople, are increasingly acquiring a business service bond.
Some examples of skilled tradespeople include:
- Tile setters
- Heating and air conditioning installers
- Cabinet makers
Even though you go to great lengths to screen potential employees, you may still end up with someone who will ruin your business’ reputation by stealing from your clients. The repercussions would, of course, be detrimental to your success.
This is what a Business Services Bond is for. This type of surety bond will safeguard the customer in case one of your employees steals personal property inside the client’s home.
It will not prevent the horrible act from happening, of course. What the bond can do is to compensate for the stolen goods, subjected to the conditions of the bond.
What is the bond amount?
This will depend on the number of your employees and how much you want the bond amount to be.
The starting bond amount is $2,500, and the maximum bond amount is $100,000.
If you want to find out what you need to pay, get your FREE quote here today!
What are the benefits of a Business Services Bond?
- It is an excellent way to improve your competitive advantage
- It is an excellent marketing tool. How? By having a Business Services Bond, you are guaranteeing that your employees are dependable and will provide excellent service.
- Diminishes the risk of business failure
- It can lower the perceived uncertainty that your customers might have. Having a stranger in your home is quite unnerving. Many what-ifs may occur inside a customer’s mind. You can calm those by letting your potential customers know that they are eligible for monetary claims if such happens.
How can I obtain a Business Services Bond?
You can easily get this type of bond from us. Don’t worry. We will guide you through the whole process. We will make sure that you will understand what you will be getting into.
First, you need to complete and submit an application.
Once we have received your application, we will ask you to provide us with some necessary information needed for the underwriting process. These will include the following:
- Your financial history
- Your business history
- Your credit score
An underwriter will evaluate all the information that you will give us. Once this process has been fulfilled, we will immediately issue the bond and send it to you!
Let’s secure your business’ success!