7 to 15 employees Bond - Business Services Bond 1b. ($2,500) in All States

Brief Summary

A $2,500 business services bond tells a homeowner or office manager that if one of your workers steals from them, there is money set aside to make it right. For a crew of 7 to 15 people going into other people's homes and offices, it is a simple way to answer the question customers ask before they hand over a key.

The Business Services Bond 1b is a third party fidelity bond for service companies with 7 to 15 employees, with a $2,500 limit. It protects your customers if an employee steals from them or from the property where they are working. It is most often asked for by customers, property managers and contracts rather than a statute. If a licensing or permitting office is the one asking, confirm its required amount and form before the bond is issued.

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How to Apply for a 7 to 15 employees Bond:

• Confirm your current employee count falls between 7 and 15.
• Use the business's legal name exactly as it appears on your contracts and registrations.
• Ask any customer or contract requiring the bond whether $2,500 meets its requirement.
• If a licensing or permitting office is asking, get its required amount and form in writing.
• Complete the bond application and pay the premium.
• Keep a copy of the bond to show customers on request.

Detailed Information About the All States 7 to 15 employees Bond:

It protects your customers, not your business

Owners often buy this bond thinking it covers theft from their own company. The business services bond is written for the people you work for. The DC Department of Insurance, Securities and Banking describes janitorial service bonds as protecting your clients if one or more employees steal from your company or the property where they are working. Theft from your own business is a different product. The Surety and Fidelity Association of America describes that one as employee dishonesty coverage that protects an employer against financial losses caused by its employees' dishonest misconduct.

Why the employee count matters

This version of the bond is written for a business with 7 to 15 employees. Your headcount is part of how the bond is underwritten, so give the real number when you apply. If you grow past 15 or drop below 7, tell us before renewal so the bond still matches your business.

What $2,500 means

$2,500 is the bond's limit, the most the surety will pay under it. It is not the price. You pay a premium for the bond. If a client contract names a different limit, raise it with us before you buy.

Who asks for it

Most often it is customers and contracts, not the government. Cleaning companies, home service crews, maintenance outfits and similar businesses that send workers into homes and offices are typical buyers. The DISB guide notes that a bond may be needed when a license or permit is required, and tells business owners to check with the licensing or permitting authority. If a government office is requiring a bond from you, get its required amount and form in writing before this bond is issued, since that office decides what it will accept.

The parties

The DISB guide lays out the same three parties every bond has: the principal, which is your company, the obligee, which is the party requiring the bond, and the surety, which is the insurance company that issues it.

Eligibility and Requirements for a All States 7 to 15 employees Bond:

• A business with 7 to 15 employees.
• Bond limit of $2,500.
• Coverage aimed at theft by your employees from your customers or the property where they work.
• Updated employee count at renewal.
• Payment of the premium before the bond is issued.

All States 7 to 15 employees Bond FAQs:

Official and Additional Resources for the All States 7 to 15 employees Bond: