A business services bond is a type of commercial crime coverage, sometimes referred to as a dishonesty bond which is narrowly written to cover the third party perils of specific types of businesses. Many professional and occupational service providers conduct their businesses or provide services on the premises of their clients. This “on premise” type of risk is specifically what a third party fidelity bond covers. There are some universal requirements for this class of coverage to indemnify (“pay out”) a loss. The actor that commits an act of dishonesty must be an employee of the insured (bond principal). Some surety companies include independent contractors and volunteers in the definition of “employee”. The loss must be due to and act of dishonesty as defined in the policy, and the act that occurs the loss must be committed on the third party premises. Seventy-five percent of retail and labor employees steal from their employers at least once. Statistics demonstrate that those losses account for seven percent or more of a business’s annual revenue. All business types should carry fidelity bond coverage however there are some particular occupations that benefit greatly from both the coverage as well as the ability to advertise as a “bonded enterprise”.
Fidelity Bond for Pest Control Services
Fidelity Bond for Home Care Services
Fidelity Bond for Auctioneers
Fidelity Bond for Moving Companies
Fidelity Bond for Security Guard Companies
Fidelity Bond for Home Inspectors
Surety One, Inc. specializes in underwriting fidelity bond risks for ALL business classes. Business services bonds are freely written for start-ups and established operations, however non-standard risks and applicants with previous losses can also be accommodated. We are bonding company that NEVER turns away a client. For more information call (800) 373-2804 or email us at Underwriting@SuretyOne.com to discuss a business services bond application or for any fidelity coverage need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.