What is a Business Service Bond?
A business service surety bond is a type of surety bond obtained by those businesses that have access to a customer’s property. Typically, this bond is optional and, unlike most other bonds, functions similarly to insurance.
The bond may sometimes be required alongside the regular commercial bond that many businesses need when applying for their business license. Businesses that have both a commercial bond and a business service bond are considered “bonded and insured.”
The business services bond guarantees that if a business’s employee steals from a business’s customer, the customer will be compensated for their losses. Because it protects customers– as well as businesses– from dishonest acts committed by an employee, this bond is considered a form of insurance.
Apart from the protection it offers, the bond further serves to increase a business’s credibility and trustworthiness. Companies who have a business service bond often use it in their advertising. In fact, in some industries it has become standard practice for customers to only hire businesses who have a business services bond.
This bond is relevant to companies, among others, offering the following services:
- moving services
- pest control
- security services
- janitorial services
- carpet cleaning
- pool cleaning
- general repairs
Read the sections below to find out more about the cost of these bonds.
Business Service Bond Cost
The cost of business service bonds is determined by a variety of factors. Unlike most bonds, where personal credit score plays an important role in determining the rate at which the bond may be obtained, other factors influence the cost of these bonds.
Such factors are, among others, the type of business requiring the bond, the number of employees being bonded, and the amount of coverage that the bond needs to provide.
If you get your bond from Bryant Surety Bonds, you’re guaranteed to receive a bond at the lowest possible rates. The bonds we supply our customers with are issued by one of our A-rated and T-listed surety partners, who can offer us the lowest rates available on the highest-quality bonds.
Bad Credit Bonds
Obtaining a business service bond with bad credit is entirely possible, and just as easy as with good credit. This is possible thanks to our Bad Credit Program that is designed to make bonds available to applicants who have lower credit scores.
Rates under this program are slightly higher than for applicants with high credit scores, because of the increased risk in issuing bonds under this program. The exact cost of the bond is determined on a case-by-case basis, and we always strive to obtain the lowest possible rates for all our customers, regardless of their credit score.
Getting a bond under this program allows companies to continue doing business, which enables them to improve their credit score over time.
How to Get Your Business Service Bond
Want to get a business service bond for your company? Just fill in and submit the online surety bond application (alternatively, use the bond form in a .pdf format) and we will take care of the rest. Processing times for business service bonds are short, so you will receive your free quote very soon.
To receive advice about business service bonds or get assistance for your application, call us at 866.450.3412 and one of our surety bond professionals will help you. Don’t hesitate to call us!