What is a Washington Janitorial Service Bond?
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A Janitorial Service Bond is obtained by many owners in the aforementioned business field to cover the losses resulting from employee dishonesty.
In most bonds, it is the Principal who arranges and pays for the bond. In a Janitorial Service Bond, the owner of the business is the Obligee and will be the one who will apply and pay for the bond.
A Janitorial Service Bond is a type of Business Service Bond that aims to protect the Janitorial Service Company and its clients in case one of its employees commits misconduct such as stealing while inside the client’s home or business establishment.
A standard Janitorial Service Bond will indemnify the Obligee or the employer and the Janitorial Service clients. Depending on the agreed conditions, the bond may cover personal property belonging to a customer or a direct loss of money.
While this bond remains optional, it is also often expected by many customers, and preferred by business owners because it is a modest business investment and easy to procure!
What is the Washington Janitorial Service bond amount?
It varies. The bond amount will depend on the number of employees the Janitorial Service Company has, or it can also be based on the owner’s bond amount preference.
You can secure a $5,000 surety bond for your company that has 5 or fewer employees. With the bond above amount, you can pay as little as $100 for the annual premium!
You can also opt for a higher bond amount for the same number of employees if you so wish.
What are the Janitorial Service Bond conditions?
- The Principal purchases the surety bond to protect the obligee in case any dishonest act happens.
- If one of the Janitorial Service Company’s employees is accused of theft and has been found guilty of such based on some substantial evidence, the obligee may post a claim on the surety bond.
- The claim will be settled by the bond’s conditions, including all the other applicable industry rules.
How do I obtain this type of bond?
You can get this bond by following these simple steps:
STEP 1: Apply for the bond
You need to fill out and submit a bond application.
STEP 2: Underwriting
We will ask you for a couple of important information necessary 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 prequalification process, we will immediately issue the bond and send it to you!