Business Bonding

Insurance Department sues Metairie bond firm | New Orleans ...

by Rebecca Mowbray, The Times-Picayune

A judge has ordered a Baton Rouge Metairie insurance company to cease doing business after the Louisiana Department of Insurance accused bail Infinity Inc. of Louisiana from selling bogus construction bonds for public works projects of Hundreds of millions of dollars.
The situation leaves a number of projects of local public works without financial protection should something go wrong with the building, and excluded at least one firm with local offices of qualification for employment in major projects.
Janice Clark, Judge of 19th Judicial District Court in Baton Rouge ordered Infinity bail bond Infinity Agency LLC and principal business of George D. Black to cease operations and surrender its records to the insurance department, which is now allowed to take control of all assets and bank accounts on behalf of any person aggrieved by actions of the company.
Telephone numbers for black and Infinity bond could not be found. Shelton Dennis Blunt, an attorney with Phelps Dunbar in Baton Rouge, who represented Infinity Black and other legal proceedings, was not available Wednesday.
Insurance Commissioner Jim Donelon said that Infinity security was not licensed to operate as an insurance company when it sold bonds to contractors bidding on government projects.
According to the complaint filed by the insurance department, a number of local construction projects are affected.
Infinity bond given the bond to a proposed $ 51.4 million by the Ministry of Education for Louisiana LB Landry High School in New Orleans on a bid submitted by Home Solutions of Louisiana Rehabilitation and Construction JRDKS Inc..
The company also provided obligations Home Solutions offers a $ 5.4 million public works project for Davant consolidated building and a proposed $ 6.9 million for the consolidation Port Sulfur Community Center, both in Plaquemines Parish.
It also provided a draft obligations of $ 2.3 million at Salem High School in St....

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Navigating for Success » Bonding in Business

by Moss

The concept of sticking out research on human attachment.

The bond refers to a human being needs to be near another person and be in a relationship characterized by openness and emotional expression. What better place for bonding in a partnership! The bond is essential for confidence and a long-term success.

A breach of obligations results in frustration, anger and fear. It is a distance further than mistrust and alienation. Some barriers to partnership route are as follows:

In partnership bonded partners:

Partners who have good practical skills are sticking to accept, share more fully, more confident, and act less defensive with each other.

Bottom Line

Source: Navigating for Success » Bonding in Business

Guarantee Your Performance With a Surety Bond

by amadams

If you have a business, you definitely need to defend its interests. A surety bond is a way of doing this so choosing the proper surity bond will be of great assistance. With the various surety bond businesses to get coverage from, you could get confused with who you should work with. But, when you use sound decision making then you will get a surety company for your needs.

The construction business is an area of business you will ordinarily see performance bonds, and also fidelity bond , being utilized. It is basically a contract written by the contractor, the customer, as well as the bond business. A performance bond ensures that the contract is completed while at the same time protects the client if the housing contractor doesn’t finish the work.

Surety bonding can be seen as a part of the insurance for business owners sector. The surety company’s function is to ensure the home owner the housing contractor will finish the work according to the contract. There may also be additional surety companies which demand a fee to back the housing contractor up.

There’s a lot of risk with guaranteeing a contractor’s ability to finish a job. Thus, surety companies perform a vigorous investigation on the different aspects of a housing contractor’s ability to complete a job. Prior to bonding the contractor, the surety business makes a request for some references regarding the contractor’s experience and history as well as their financial ability to finish a job.

If you desire to use the service of a surety business, be sure to obtain recommendations which surety company to use. From their recommendations, conduct a research on the company as well as the housing contractors they have bonded previously. In addition, you should look into the bonding procedure the business utilizes for selecting contractors.

Even more importantly, be open in regards to your business requirements so the performance bond business can make certain you’re correctly protected by getting everything in order on the housing contractor’s part.

Source: Guarantee Your Performance With a Surety Bond

What is the difference between business insurance and bonding.?

Jun 13, 2007 by kiwanisjackson | Posted in Small Business

I am starting a commercial cleaning company and asked whether I needed to be either / or insured or bonded.

I'm no expert, but I think the difference is that insurance covers your liability for accidental damage to someone else while bond covers your liability for any act Willfull. Examples would be if you went to someone's house to do a job and you saved your truck in its foundation and damaged, your insurance should cover it. If you have stolen the jewels of the lady when she was not looking, then your link would cover that.

Can I get bonding insurance for my business if my credit is bad?

Jun 28, 2008 by ♥ I am H.e.r. and She is Me ♥™ | Posted in Insurance

I'm starting my own cleaning company and was told that I need to get bonded. My credit is very bad, you do not think anyone will give me insurance bond?
I started this business with two of my friends. We are interested to move in / out cleaning with local housing agencies in our region. I was told that if we went "shopping" the real estate would always ask if the company is bonded.
Incidentally, none of us have good credit.

Well, you said no. You do NOT need to get bonded, unless one of your client tells you that you owe. Cleaning companies over a person does not carry liability insurance, and that obligations are not fundamentally YOUR cover theft only the theft of your employees, it's a bit useless if you do not d ' employees.

However, you can get a bond, depending on the type of link you want (there are hundreds!). You MIGHT need someone to "guarantee" that bond for you if you want more.

How do I find out if my business requires a license and bonding? My business is in Illinois.?

Feb 01, 2008 by MissCEO | Posted in Small Business

How do I get licensed and bonded? How much does it cost?

It depends on the kind of business. Construction for example would need to be licensed.

how do I get a business license and bonding for a cleaning business?

Jan 05, 2007 by cleaner | Posted in Small Business

Need to know for the state of Indiana, if that matters.

You contact or go to your state govt website and see if your state requires you to have a license, many don't. Then contact your local city hall and see if your city requires a vendor license.

Bonding is a complete waste of money unless you have a customer that demands it. Get a good general liability policy for small service business and you will be covered.

See websites below for more help

What insurance company is the best for home based business coverage and bonding?

Jun 16, 2006 by sbenn | Posted in Insurance

State Farm offers very good and affordable business coverage. Be sure to sit down with your agent and go over the coverage offered and know what is and is not covered.

I'm a starting a business and have a couple of questions about licenses, bonding and LLC?

Jun 05, 2008 by Life is Good | Posted in Small Business

I am starting an organizing business and I want to come off really professional by having the appropriate licenses. I know how to get a business license but what about the other stuff? What is bonding? What is an LLC? How much does it cost? Also, I would want to have insurance so that if I slip and fall on my ass or break something I'll be covered. What would that cost? Please advise. Thank you !

In regards to bonding; If your business requires a license bond (i.e. contractor, motor vehicle dealer, notary, tax preparer, etc.), then you would need to apply for the amount and specific type of bond required. These bonds usually require credit and experience to support the amount of the bond. One site that can write these bonds even with poor credit is: http://www.southcoastsurety.com .

A bond for general business is usually a form of fidelity bond. These bonds are easily written and require no qualifications nor credit. They are relatively inexpensive. This bond protects your customers from theft by your employees.

For a general business bond, which would be fidelity (Business Services) bond and it is very similar to insurance. It protects your clients in the event an employee is arrested and convicted for stealing from them. You will not be expected to cover the loss.

The rates are based upon the number of employees and the amount of coverage. They range from a $5000 bond with less than 5 employees at $100 to a $100,000 with 25 employees less than $800.

These are instant issue bonds are readily available on the internet or through your local insurance agent. You can run a Google search for Janitorial Bond and find a site that has on line submissions. One of those sites processing on line applications is www.southcoastsurety.com.

You can get more information on this bond and a link to the application at http://www.southcoastsurety.com/fidelity -bonds.htm

An LLC is a legal format for a business, like a corporation.

For all forms of insurance coverage, you should check with a local insurance agent familiar with business insurance.

license and bonding for a cleaning business?

Jul 16, 2009 by Bobbie | Posted in Small Business

I want to start a cleaning business and want to know what I need to do and what the cost is to get a license and to be bonded, I live in Las Vegas Nevada, Clark county.

How do I start a catering business? Are there legal needs(licensing,bonding or certifications)?

Feb 28, 2007 by eventage | Posted in Small Business

For a general business bond, which would be a fidelity bond and it is very similar to insurance. It protects your clients in the event an employee is arrested and convicted for stealing from them. You will not be expected to cover the loss.

The rates are based upon the number of employees and the amount of coverage. They range from a $5000 bond with less than 5 employees at $100 to a $100,000 with 25 employees less than $800.

These are instant issue bonds are are readily available on the internet or through your local insurance agent. You can run a Google search for Janitorial Bond and find a site that has on line submissions. One of those sites processing on line applications is www.southcoastsurety.com.

You can get more information on this bond and a link to the application at http://www.southcoastsurety.com/fidelity ...

Small business bonding?

Jan 13, 2009 by Shannon F | Posted in Other - Business & Finance

My husband has been bonded thru an insurance agency in the past for a small business. It is now time to renew and they (the insurance company providing the bond) want to review his personal finances, Will this typically affect if they renew his bond? His personal credit is not the best.

What sort of licensing and bonding requirements are required for setting up a real estate business in India?

May 01, 2007 by priyanka_poorni | Posted in Renting & Real Estate

do we require to have any nature of permits required to set up a real estate business in India?

There is no license requirement for India.

http://www.thehindu.com/pp/2006/12/30/st ories/2006123000070400.htm

Is the Bail Bond business a good business to start a career in?

Sep 21, 2008 by wil_82935 | Posted in Small Business

I have been doing some research about the bail bonds careers (not bounty hunting). I find myself wanting to start a business like that but I'm not sure if it is a profitable one or not. What do you all think?

The Bail Bonds business can be a very profitable one---if you properly assess the risk of the defendants whom you bail and their indemnitors. Marketing, too, is absolutely KEY to success in this business. I, too, by the way, am planning on starting a Bail bonds business, having just gotten my license in April of '08.
If I may, I would recommend the following books:
Bail Bonds 101
and
Bail Bonds 201.
Don't worry; I don't have anything to gain financially by the purchase of these books; but they are well worth reading.
By the way, what state are you in?

I am looking to start a cleaning business just 4 preschools in CA. What kind of licence and bonding do I need?

Jul 18, 2008 by P C | Posted in Small Business

My fiance and I would like to start a cleaning service, just for local pre-schools in S. Orange County. What type of licence would I need and how do I go about getting bonded? We are only looking to do about 6-7 schools to start. Also do we need to pay for worker's comp insurance if we are the only employees, since we would be owner/operators?

You need a business license andpossibly a sales tax licenses. you will need liability insurance but not necessarily a bond. You do not have to pay workers comp if it is just the two of you. You will have to pay the full social security tax as well as unemployement and so on, though. http://envirocleanonline.com

What kind of insurance and bonding is required for a startup home cleaning business and where do I search?

Nov 17, 2008 by luther d | Posted in Small Business

In most locales, it is not a mandatory 'requirement', still, I won't be without liability insurance and/or a bond. It really protects you from real and not-real damage claims AND your clients feel better about you.
You can call your county or city clerk and ask if it is a requirement (they may or may not know). Call every insurance agency you can and not only ask if it is a requirement, but find out their prices for various amounts of coverage. In the beginning you probably don't need as much, and can increase it later.
Here's some more beginning steps:
1. Check with your city or county clerk's office to see if you need a business license or fictitious name license. These are inexpensive ($25-$50) and usually last 3 or more years;
2. Then, call around to insurance companies and compare prices for liability insurance (sometimes called bond). This protects you if something breaks or gets damaged while you're on the job. And, yes, sometimes you didn't do it, but with this you can keep a client! AND, when you can say to potential clients, "I have liability insurance" it not only makes you professional, but adds confidence. It shouldn't cost more than around $100-$300/yr for $100K coverage (you don't need more than that for now);
3. Call existing cleaning companies, pretend to be a potential customer, to find out the going rates and services provided;
4. NOW, make a nice flyer and/or introductory letter about your service and start knockin' on doors, so to speak! Dress nice, maybe have a t-shirt made up with your company name and/or logo at Cafepress.com, too. Think about magnetic signs and/or a vinyl wrap for your vehicle. Think about parking your vehicle in areas where you wish to find business and in high traffic locations-street intersections, parking lots, etc;
5. And spend less than $39 on a business cleaning kit (less than that for a residential cleaning kit!) that will give you the basic contracts, forms for estimates, pricing charts and book-keeping, intro letters, supply list and resources, customer leads and other valuable tips. It will save you time and money in the long run!


This is a general start. There is lots of information available for you below......


.

How do you get Bonding Insurance for a small cleaning business in case someone steals or breaks something?

Mar 16, 2007 by JustKc | Posted in Small Business

call an insurance company and tell them what you need.

How do I go about starting my own business/getting bonded?

Oct 07, 2008 by knjtreasurehunters | Posted in Small Business

I'm thinking about starting my own cleaning business... anyone out there with tips? Someone told me that I need to get bonded, how do I go about doing that and is it really something I need to do? Thanks!

What you are looking for is a Janitorial Bond. It is a form of a fidelity bond and very similar to insurance. It protects your clients in the event an employee is arrested and convicted for stealing from them. You will not be expected to cover the loss.

The rates are based upon the number of employees and the amount of coverage. They range from a $5000 bond with less than 5 employees at $100 to a $100,000 with 25 employees less than $800.

These are instant issue bonds are readily available on the internet. You can run a Google search for Janitorial Bond and find a site that has on line submissions. One of those sites processing on line applications is www.southcoastsurety.com.

You can get more information on this bond and a link to the application at http://www.southcoastsurety.com/fidelity -bonds.htm

How does a small business get bonded and insured?

Aug 04, 2006 by Jai | Posted in Insurance

For instance my business offers housesitting and document delivery how to I get insured and bonded?

It shoudn't be expensive also

Small Alberta Business, insurance and bonding?

Sep 28, 2006 by Loretta | Posted in Insurance

I have started a home based, small business in Alberta. I will have 3+ employees, I am told I need insurance and to be bonded. Who bonds, what insurance, what is the best as I am just starting out. What is the difference between bondingand just insurance? What protection does it give me? ALL answers and info on that any any small business details greatly apprecitated. Ps, it is a homecare (yard and homecleaning) biz.

Regarding the bonding aspect of your question. The ‘bonding’ here would be for employee dishonestly and not performance related. An employee dishonesty bond protects your clients from you and your employee should they steal while on your client’s premises. In this case their yard or home. These are referred to as either a janitorial services bond or a business services bond.

There is some protection for an owner with these types of bonds. If your employee does in fact steal from one of your clients and is prosecuted and convicted of the crime, the insurance company will pay the claim (usually this equals the amount stolen and is filed by the victim of the theft). This said if the victim is made whole, there is less chance of you, the owner, needing to make restitution to the victim from your own pocket.

There is no indemnification so you do not have to financially qualify for this type of bond. This means that if the insurance company has to pay a claim against your bond, you do not have to pay them back. On all other types of bonds (license, permit, performance, bid…) you would need to indemnify the insurance carrier and therefore pay them back any claims they paid on your behalf. In these cases you need to financially qualify and the insurance carrier would underwrite your application as such.

The type of bond you would be obtaining is more along the lines of an insurance type policy and not surety. And as you know on car insurance, for example, you are not required to pay back the insurance company if they pay to have a dent fixed.

The bond premium is directly related to the amount of coverage and the number of employees covered. These are relatively cheap in cost.

Contact your current insurance agent or look in the yellow pages under either ‘bonds’ or ‘surety bonds’ for a local agent.

The liability insurance would again protect your clients. However in this case it would be against any damage you cause them on their property.

Is it illegal for a criminal lawyer to start his own bail bonds business?

Jun 28, 2007 by manny3000 | Posted in Law & Ethics

If I ever become an attorney that specializes in criminal defense, I would get one of my long time friends to manage my bail bonds business. That sounds extremely profitable and smart to do. You simply co-own it along with your partner and still manage your own practice full-time.

I was just wondering if this is against the law or the laws of the Bar Association. Perhaps ethics laws or a conflict of interest. ?

Thanks for the responses!

The rules governing the conduct of attorney, including both ethics laws and conflict rules, are set by the states which license them.

whats the point in "Bonding" a Business?

Jan 27, 2007 by tradesman408 | Posted in Small Business

should I "bond" a service business

The type of bond that would best fit your needs is a “business services bond”. This would cover you and your employees when they are on your customer’s premises against theft by your employees. This does not cover any damage you may do to their property or any other liability issue - only theft from your client on their property by your employees. There is no indemnification (meaning making the insurance company whole if they pay a claim on your behalf) and this is treated more like insurance than surety. They are relatively inexpensive and the premium is based on coverage amount and the number of employees. About $150 annually for $10,000 in coverage with five or under employees. With any employee dishonesty bond, conviction of the crime is necessary for the insurance company to pay out any claims.

So the point in being bonded is to provide a comfort level to your clients (and yourself) while you are in their home/business. Without the coverage and a theft does take place, more than likely you would be responsible for making your customer whole. You could use this (being "bonded") in you marketing and when presenting your services to a potential customer.

Hope this helps.

Where do I get my house cleaning business insured and bonded?

Aug 26, 2008 by Anna Sofia | Posted in Small Business

I need insurance for my house cleaning business and I need to get bonded. What are the right questions I have to ask my insurance agent? Does anyone know where I should go? I live in colorado. When I get my insurance do I have to ask about being bonded as well, or am I already considered bonded once I have insurance?

Anna Sofia, Home insurance is actually very flexible. I'm not sure about Colorado laws and regulations, so I recommend you contact a nearby home insurance agent. http://www.easyhomeinsuranceguide.com/Co lorado-Home-Insurance.html They should be able to help you.

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Article: Bush, Putin Mix Business, Bonding - The Boston Globe
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