Massachusetts Business Service Bond
Secure your business through this surety bond!
What is a Business Service Bond and what are its benefits?
This type of surety bond will protect both your business and your clients. Misconducts committed by employees are more common than you may have perceived them to be. When this happens, you and your client will be financially compensated through the surety bond!
Other benefits of a business service bond:
- Improve your business’ competitive advantage
- Serve as a marketing tool. By having a Business Service Bond, you are guaranteeing that your employees are dependable and will provide great service.
- Diminish the risk of business failure especially for resource-strapped startups
- Lower the perceived uncertainty that the 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 an unfortunate incident happens.
What is the Business Service 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.
Your bond premium will depend on your credit score. Those who have an excellent credit score will be able to pay as little as 1% of the bond amount!
How can I get a Business Service Bond?
This is how the bonding process works:
The vehicle dealer certificate or registration applicant should first apply for this type of bond to a state-qualified surety such as Surety Bond Authority.
If you’re ready to apply for one right now, you may easily do so HERE!
We will immediately process your application once we have received it. Our expert surety bond team will guide you through the whole process from the time you have applied for the bond up until its issuance. We’ll make sure that you understand all the bond conditions.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
To avoid any delays, make sure that you gather the requirements ahead of time. Once they have been evaluated, the bond will be issued and sent to you!
Who should get this surety bond?
Any type of business services, especially those that provide home service such as the following:
- Handyman services
- Home-Improvement services
- Landscaping & lawn management services
- Maintenance services
- Cleaning services
- Plant maintenance services
- Plumbing services
- Swimming pool services
- Property inspection services