business service bond sample

Ohio Business Service Bond

There are all types of bonds and it depends on what the person or entity you are contracting with wants or requires.

One of the most common types of bonds is a Business Service Bond which covers employee theft. Note that business service bonds do not cover business owners.  You can also get a performance bond which would cover the work you do and those are more typical of Bid specific jobs.

When we write a bond these are the things we need to know:

• Who is requesting the bond?
• How much the bond needs to be?
• How many employees?
• Does the Oblige (who is requesting you to have a bond is it the state, county, city or the small business admin?) have their own bond form?

Business Service Bonds can be secured for anywhere from $500 to $1 million, and for one or three years at a time. I have attached a sample of a business service bond. This covers employees only, not business owners of a particular entity.

I hope this helps! If you have any more questions, let me know.

Use this link to view a sample of an Ohio business service bond by Liberty Mutual:  BusinessServiceBond Sample

 

 

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