What is an Iowa Janitorial Service Bond?
An Iowa Janitorial Service Bond is a type of Business Service Bond that aims to protect the Janitorial Service Company’s clients in case one of its employees commit misconduct such as stealing while inside the client’s home or business establishment.
While this bond is indeed optional, business owners prefer it because it is a low-cost, easy-to-get investment!
What is the Janitorial Service bond amount?
It differs. The bond amount will be determined by the number of employees employed by the Janitorial Service Company, or by the owner’s bond amount preference.
For businesses with 5 or less employees, a $5,000 surety bond is available. You might spend as little as $100 for the annual premium with the aforementioned bond amount!
If you want, you can choose a higher bond amount for the same number of employees.
What are the Bond conditions?
- The following are the important people or entities involved in the bond:
Principal – Janitorial Service Company
Obligee – Janitorial Service Company’s client
Surety – Surety Bond Company that will issue the bond
- The obligee may file a claim on the surety bond if one of the Janitorial Service Company’s employees is accused of theft and is found guilty based on a number of serious pieces of evidence.
- The surety bond is purchased by the principal to protect the obligee in the event of a dishonest act.
- The claim will be resolved in accordance with the bond’s terms, as well as all other industry regulations.
How do I secure this Bond?
Follow these simple procedures to obtain this bond:
First: Apply for the bond and the bond application must be completed and submitted.
Second: We’ll need a few pieces of misconduct information from you in order to process the bond. This will contain your credit score, financial history, and business performance history. All of these will be carefully evaluated by an underwriter.
Third: We will issue the bond and send it to you as soon as the underwriter completes the prequalification procedure!
Call us and get bonded today!