If you have worked hard and taken the necessary risks in building your Colorado business and find yourself needing a bond, here at Aspen Gold Insurance Brokers, we can help. Our experienced and knowledgeable insurance agents can skillfully discuss and dissect all your bonding needs.
Depending on the industry you work within, your customer base may require surety bonds before agreeing to do business with your company. Knowing your business is bonded gives customers reassurance that your company will execute all of its responsibilities honestly and diligently in accordance with the law. If there is a problem, the customer knows they can make a claim to reimburse the repair costs.
Depending on the type of work your business does, you may need one of the following bonds.
A fidelity bond protects a business from financial losses caused by the dishonest misconduct of an employee. This may apply to accountants, IT companies, banks, and insurance companies.
Payment and performance bonds protect suppliers and laborers if the contractor defaults on payment. Banks and insurance companies commonly use them to guarantee payment.
Housekeepers, commercial cleaning companies, or residential cleaners may need to have a janitorial bond to protect customers against the potential of employee theft.
This can depend on your type of business and where you conduct business. States or local governments may also require businesses to carry licenses and permit bonds in order to get permission to conduct specific commercial activities that could create a risk to the public. Businesses must comply with specific laws and regulations in order to get licenses and permits.
The cost to bond and insure your small business will vary. Many factors come into play, including the industry you are in, the bond value, your financial history, and credit score. Your claims history can also impact the cost.
The type of bond you get will dictate how long it takes to be approved. In certain cases, the entire process can be completed in a few minutes, but more complex bonds could take several days. Working with an Aspen Gold agent will ensure you get your bond approved as quickly as possible.