What is an Ohio Business Service Bond?
Learn how a Business Services Bond can improve your business!
Even though you go through 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.
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.
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 Services Bond?
You can get this bond by following these simple steps:
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so here!
STEP 2: Underwriting
We will ask you a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Once the underwriter is done with the pre-qualification process, we will immediately issue the bond and send it to you!
Let’s secure your business’ success!