What is a Minnesota Business Service Bond?
A Minnesota Business Service Bond protects your business from unforeseen events that will be detrimental to your business such as dishonest acts committed by your employees.
What are its benefits?
Businesses, particularly those that provide home services by skilled tradesmen, are increasingly acquiring a business service bond in order to:
- Safeguard the customer in case one of their employees steals a personal property inside the customer’s home
- Improve their 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.
- Diminishes the risk of business failure
- Lower the perceived uncertainty that the customers might have. Having a stranger in your home is quite unnerving. There are many what-ifs that 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.
Who is this bond for?
Individuals, partnership, or corporations that are engaged in the business of providing the services of skilled tradesmen or other any other type of business.
Some examples of skilled tradesmen include:
- Tile setters
- Heating and air conditioning installers
- Cabinet makers
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.
Those who have excellent credit scores will be eligible to pay for a very low bond premium!
If you want to find out what you need to pay, get your FREE quote here today!
How can I obtain a Business Service 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 submit an application.
Once we have received your application, we will ask you to provide us with some important information needed for the underwriting process. These will include the following:
- Your financial history
- Your business’ history
- Your credit score
An underwriter will carefully 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!
Ready to start? Apply now! Let’s secure your business’ success!