If you’re here, you might be wondering, “What Does Bonding and Insurance Cover?”
Answer: It depends on what type of coverage you get.
Getting the right coverage is important, so keep reading to learn more!
Or call us at Las Vegas: (702) 850-7711 or Memphis: (901) 306-8100.
All N One Bonding and Insurance offers comprehensive protection against theft, property damage, and more. We not only provide a range of insurance plans, but we also issue surety bonds to meet your business needs.
PS Want to read about the top 5 ways to find great insurance? Check out our article Top 5 Ways To Find Quality Insurance Services.
What Does Bonding And Insurance Cover?
Getting great insurance is obviously a must for any business. But the type of insurance you get is a more open-ended issue.
Should you, for instance, get general liability coverage or go for a more advanced plan?
We can help you decide, as we offer:
- Auto insurance
- Commercial insurance
- Home owners insurance
- Motorcycle, RV, and boat insurance
- Rental insurance
- SR-22 insurance
Within each of these categories, we provide both minimum and comprehensive coverage. We have plans that cover everything from Worker’s Compensation to Equipment Breakdown to fire insurance.
Since there are multiple forms of bonding and insurance today, the best way to find out what coverage you’ll get is to call your preferred insurance company and speak with one of their knowledgeable insurance agents.
If you’d like to get coverage with us, we’ll be more than happy to go into detail with you.
What About Bonding Insurance?
While the terms “bonding and insurance” and “bonding insurance” sound similar, they are actually different things.
Bonding and insurance are just two forms of coverage that you can purchase to protect your business, whereas bonding insurance is a type of insurance that bond issuers get that guarantees payment of interest on a bond and improves their credit rating.
Unless you are a bond issuer, you probably won’t need bonding insurance, which is also known as financial guaranty insurance.
Need A Surety Bond?
If you need a surety bond, we provide them!
For those unfamiliar with surety bonds, they are three-way agreements that are used to guarantee that contracts get fulfilled or to guarantee performance of some kind.
While surety bonds have other uses, such as providing protection against employee fraud, their main use in the commercial business world is to enforce contracts.
The construction industry, for instance, uses them extensively to ensure quality workmanship.
Surety bonds are issued by special insurers called “Sureties.”
The Types of Surety Bonds We Provide
Janitorial Bonds
This type of surety bond guarantees that a janitorial company will perform its duties in accordance with its work contract. If the company fails to do so, the bond will compensate the client for any damages incurred.
Janitorial bonds are usually required by law to obtain a license to operate, as they protect customers from being taken advantage of by unscrupulous janitorial services.
When a claim is made against a janitorial bond, the issuing surety bond company will investigate the claim as the neutral party and make a decision either in favor of or against the claimant (obligee).
While janitorial bonds may seem like an unnecessary expense, they provide valuable protection for customers and businesses alike.
Fidelity Bonds
A fidelity bond is a form of insurance that is purchased by an employer to protect their company from employee theft, fraud, and embezzlement.
If an employee commits one of these acts, the surety bond company will reimburse the insuree for any losses incurred.
Fidelity bonds are typically used by businesses that handle large amounts of cash or other valuables, such as jewelry. However, any business can purchase a fidelity bond.
Notary Bonds
To become a notary public, you need a notary bond. This type of surety bond protects the state from financial losses resulting from a notary public’s actions.
In order to obtain a notary bond, the notary public must first apply to the state in which they wish to practice. Once their application has been approved, the notary public then has to get a notary bond from a surety company.
The cost of a notary bond varies depending on the state in which the notary public is practicing and the amount of coverage that is required.
Get Bonded and Insured Today
When it comes to insurance, there are a lot of options available, so it can be hard to know which type of coverage is right for you.
Not sure what type of insurance you need? You’re not alone. A lot of people come to us with questions.
For more information, call us at Las Vegas: (702) 850-7711 or Memphis: (901) 306-8100.