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Insured and bonded

Discussion in 'Business Operations' started by T. Matthews, Apr 30, 2003.

  1. T. Matthews

    T. Matthews LawnSite Member
    Posts: 206

    Hey Guys,

    I have a quick question, I just got liablitiy insurance. Do i needed to be bonded also what is it mean to be bonded?


    Thanks
     
  2. hosejockey2002

    hosejockey2002 LawnSite Bronze Member
    Posts: 1,195

    In my state you have to be licensed, insured and bonded if you are making any alterations to real property. If you are doing maintenance you don't need to be bonded. A bond protects the consumer if they pay you a bunch of money up front to start a job and you don't complete it. If you do this, then the consumer can go after your bond. In my state a specialty contractor needs a $6,000 bond. This costs me about $150/year. Your state's requirements are probably different.
     
  3. JD PLOWER

    JD PLOWER LawnSite Member
    Posts: 56

  4. Mykster

    Mykster LawnSite Senior Member
    Posts: 668


    I think I got hosed. I paid $225 for my bond. I went through my Lia. Ins. agent. Maybe that's why.
     
  5. hosejockey2002

    hosejockey2002 LawnSite Bronze Member
    Posts: 1,195

    Mike- I got mine through my insurance agent also. Maybe he cut me a little slack because we were acquaintences before I did business with him.

    Roy Smith
    RJS Compact Tractor Services
     

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