Electrical and HVAC contractors that offer on premises installation and maintenance services can benefit from a fidelity bond. The coverage is an superlative way to offer protection to consumers and to legally advertise as a "bonded services company". This type of crime coverage is a "third party fidelity bond" or "dishonesty bond". Third party fidelity bonds may be written on a blanket basis that cover all clients or on a client/contract-specific basis for to meet the requirements of financial institution or high net worth clients that require dishonesty coverage as part of their vendor requirements. A fidelity bond covers the dishonest acts of employees that provide services "on premises". Employee theft of client property is common. Approximately seventy percent of retail and labor employees steal from their employers or employer's clients. Those losses often account for a significant part a firm's total income. Your HVAC or electrical contracting business may be vulnerable to losses like these.
Background and reference checks are smart loss prevention practices however there is no guarantee that an employee or subcontractor will not commit a dishonest act. One large loss can zero a firm's total annual income. A client lawsuit against an HVAC or electrical contractor can result in bankruptcy and irreparable reputation damage. Employee theft is the cause of over a quarter of business failures in the United States. A third party fidelity bond can mean the difference between closing the doors or running a profitable business that enjoys the trust of its constituents.
National fidelity bond leader, Surety One, Inc., specializes in underwriting fidelity risks for ALL types of businesses. No background checks are required and we NEVER turn deny an applicant. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here to discuss your electrical or HVAC contractor fidelity bond need. We offer commercial crime coverage, cyber risk and hi-cap third party fidelity bonds in all fifty states, Puerto Rico and the U.S. Virgin Islands.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.