To bid on certain jobs, such as those in large office buildings, a client may require a cleaning business to be bonded. "What this means for the consumer of cleaning services," says Tom Shriver, vice president of national sales for NetQuote.com, "is that the work they contracted to have done is guaranteed to be completed up to the amount of the bond."
How to Get Bonded
Search for the right bonding company, either through an Internet search or phone book. Shriver recommends visiting jwsuretybonds.com to find a provider. Keep in mind that odds are the insurance company that issued the general business liability policy for the cleaning business will either issue their own bonds or have a third party company to do so.
Ask for multiple quotes from several companies. For a cleaning service company, Shriver says that premiums can range from between 1 percent to 3 percent per year. "If you wanted a $50,000 bond," explains Shriver, "your premium could run between $500 and $1,500 per year." Comparative shopping is a must to find the best deal.
Submit an application with the company that has the right price for the kind of bond needed. Once payment of the annual premium and signed contract are received by the bond company, the bond will become valid.