I've heard that he asked several times before. Maybe you have even asked it yourself, but what bonded and insured really mean? Why you should ask vendors about this topic? This is really important?
First, I will explain what each means. Then, I will go into detail about what is important to these conditions.
There are only three types of bonds available. The first is the bail bond. This only applies to people who are trying to get out of prison, and therefore it does not apply to contract with the seller. The second is an employee dishonesty bond, or surety bond also called. The third is to ensure performance. Often used by the contractors to ensure their services.
I will skip discussing bail bond.
issued employee dishonesty bond, or surety bond by the insured to guard against theft. The issue of these in varying amounts. The most common is $ 5,000. I will use an example of how this would work. Let's say you hire a contractor to work on your home. In the process of working on your home, I noticed that some of your jewelry is missing. You can call the police and the bonding company. After investigation, it was determined that the contractor took your jewelry.
bonding company will then notify you that they will grant jewelry prices, or the maximum amount of covered bonds. Bonding company will wait for the conviction of the person who took your jewelry. If the officer decides that your jewelry is worth $ 6,000 and is a surety bond for $ 5,000, and will give you $ 5,000 because this is the maximum amount of covered bonds. There are conditions for it. The company will only award correlation value if you are not recover this item. The bonding company will award only after court conviction takes place.
takenensure implementation in order to ensure service or work. Again, another example. Let's say you hire a contractor to build a house of your dreams. The price for the construction of your home is $ 250,000. You can issue a surety bond for the project you expense of the contractor. This would cover you if the contractor tried to leave before the project is completed. Or if the contractor does not meet its obligations agreed upon in the contract. If you go through a bank to get your house built, they will most likely require that the bonds are issued to them, as they will be the greatest exposure to loss. Performance can be taken out bonds on a variety of things, but most often used in construction or contracting business.
speaks as an owner of the guard company, and there are things more important than bonds. There are many companies that cover theft internally. In other words, they have a policy on theft and cover the losses themselves, given the size of their companies. If it comes to theft, and simply ask up front and said, "What is your policy on employee theft?" Do you also want to ask about the background checks on employees. If a company is willing to cover the theft internally, you can be sure that they will be used to search for criminal background inaccurate.
As far as the matter of insurance, insurance that are referred to the so-called insurance on commercial general liability. This insurance provides coverage for a variety of things. Some of the things covered are: damage to your premise, personal injury, and complete products or processes (workmanship). I will break down each of these for further clarification.
damage to your buildings include accidents. If you hire a service call to strip and wax your floors, and they lose control of their equipment and damage the wall. This will cover the commercial general liability insurance. The deductible to be the responsibility of the contractor or supplier. There are a variety of things that can be damaged in your facility. If the paint scrapes, broken glass, or damage to your contents.
personal injury in this case will include members of your injury caused by the personnel sellers. Let's say that the same ground services company hit your members when they lost control of their computers. These cover some commercial general liability policies. It is important to look at the amount covered on these separate elements.
completed operations or workmanship and the wide range of items. If you do not call the same company service live up to their promises of stripping and waxing your floor, this would fall under the workmanship are finished. If damage occurred during this process, it is also the cover, and the same damages mentioned above.
to claim for anything covered by insurance on commercial general liability, and there are several steps that must be followed. First, we must contacted the insurance company as soon as possible. The insurance company then sends adjuster to assess the damage. Once the damage figure is established, the insurance company call you back about compensation for the damages that you have. If there is any discount on this policy, it is the responsibility of the contractor to pay for it.
There are many things that must be done when interviewing prospective seller. First, ask for a copy of the insurance. Then contact the insurance company to make sure the policy is valid and in good standing. You can also ask at this time exactly what is covered. This will be a big help before contracting with any vendor.
If you do not have insurance salesman, you are at risk of loss for something hurt. Sure you can file a lawsuit against their company if they hurt your facility, but if you do not have insurance, what are the odds that they have assets to cover your losses?
In conclusion, the most important thing is to look at the insurance on commercial general liability. If you do not have a vendor's point of view commercial general liability insurance policy, avoid them like the plague. If the seller tells you they have a commercial general liability insurance, and ask for a copy. Then contact listed at the top insurance company and verify the validity of this policy. Also, ask about the amount of coverage.
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