Bonds

[gavin]

I have work 10 years now without having been asked for a bond. I'm starting to work for several property management companies and one of them needs my bond.

my question is what kind of bond do I get and for what amount, is there an industry standard that they would be looking for?

 

[Ross Buettner]

General bonds are usualy for 75K - 100K.

Mine is for 5 people, 250K, and costs 171.00 per year. I have a commercial janitorial business as well however.

 

[gavin]

I'm just a one man operation right now, so it shouldn't cost me much, I just need to get the paperwork in. Thanks for the info. I just called my insurance company, and he said it will take a few days.

 

[thecleaningdude]

Most property management and HOA's have different requirements.

For example, high rises in particular have ridiculous demands.

I'm trying to get squared away with a few big buildings and it's a real nut cracker.

I'm just a one man operation right now, so it shouldn't cost me much, I just need to get the paperwork in. Thanks for the info. I just called my insurance company, and he said it will take a few days.

 

[gavin]

everyone I have worked with in the past, even the city has been good with just insurance, the city made me add them as "additional insured"

The current client I am trying to get squared away with is the housing authority. it's all empty places, so a bond won't do much, what am I going to do, steal light bulbs? it's insurance that they need, but they require bonding.

 

[GeneMiller]

if you are a 1 man operation and you are the one man it doesn't make sense to bond yourself. Bonding is basically a type of insurance against theft. it will only pay if you are arrested and convicted of the crime. If you can't trust yourself then who can you trust. At least that is how it was explained to me.

gene

 

[gavin]

my thoughts too, but a hoop to jump through is just another hoop. if it gets me the job......