Have you ever received a business card that says "bonded and insured?"
What does it mean? Is it important that a business providing you services
be bonded and insured?
Being bonded means that the business has securely set money aside with a
bonding company that is available to you as the consumer should the
business injure you or your property in some way.
Being insured means that the business has a policy with an insurance
company that will pay out certain claims up to the policy limit.
It's important to know whether a business providing you with services has
a bond or insurance. Chances are that if one of the employees damages
your property, steals property, or injures you in some way, their bonding
company or insurance carrier will be the one paying out the claim rather
than the business itself. So how do you find out if the business has
If a business claims to be "bonded and insured" on their business card,
don't rely on the business card alone. Ask to see documentation of the
bond or insurance policy, for example a Certificate of Insurance. It needs
to be valid through the date of service. If the employee or owner
refuses, beware of doing business with them. Alarm bells are ringing. This
is a major sign that they are not trustworthy. Call me beforehand if you
have questions or concerns (336) 724-4707.
We've been involved in a case where a maid stole gold and jewelry from
10 to 15 families over a period of time.