What is a New Mexico Business Service Bond?
The New Mexico Business Service Bond is an irrefutable guarantee that business service providers need to procure to protect their clients from employee theft and other misdemeanors and serious offenses committed during work at clients’ residences or offices.
It ensures patrons that their property is safe and secure in their absence. This bond is also an explicit pronouncement that a business service provider will be compliant with all the provisions stated within Paragraph H of NMSA 1978, §59-A-58-2, and will abide by all other requisites of the Service Contract Regulation Act.
Why do you need the New Mexico Business Service Bond?
You need the New Mexico Business Service Bond because you don’t want lawsuits disrupting your business operations. This bond is not just an attempt to safeguard your investments, it is also a way to shield your clients from unscrupulous employees that you may have hired. You also want to be viewed as a service provider who knows how to protect your clients’ property and interests. The bond likewise depicts you as a responsible service provider who thinks of the community it operates, thus, making you appealing to potential customers. With this bond, existing clients and forthcoming patrons will look up to you as a business owner who is reliable, trustworthy, consistent, and decent. Through the bond, you will wear that image of propriety and competence that will assure you a good ranking among your peers within the industry.
More details about the New Mexico Business Service Bond
The bond continues to be effective until the surety company revokes or terminates this bond by giving 60 days advance written notice by registered mail to the New Mexico Superintendent of Insurance, in so doing, releases the surety organization from accumulating future liability beyond the effective date of the bond’s revocation/termination.
What is the cost of a New Mexico Business Service Bond?
Bond amounts vary, however, premium payments will be determined by the business service provider’s credit score and financial history. Likewise, the profile of the business service owner including his/her reputation as a member of the community will be a strong factor in the decision of how much the premium will be for this bond.
How can I get a New Mexico Business Service Bond?
Procuring this bond is effortless. For faster processing and reliable outcomes, be wise in choosing a legitimate surety bond agency by researching and checking on their background and track record. With a dependable surety organization behind you, protecting your business, your clients, and your shareholders will be easy and cost-effective.