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License Bond Information
Local government agencies require many businesses to provide bonds to be able to open their doors to the public. Policy amounts and premiums vary from state to state dependent on minimum legal requirements in the area.
Some things you will need a license bond to do include contract work such as plumbing or building, importing goods from overseas, insurance sales, sales of motor vehicles, finance positions such as mortgage and insurance brokers, and healthcare providers using Medicaid.
Businesses such as Gyms or health spas can also be required to hold a bond policy that is higher than the amount they receive in annual membership fees. This ensures that they are able to refund any members in the event that the establishment closes or is damaged beyond repair.
Having started a business in a certain field, you are sure to have the knowledge behind you about safe work procedures and the laws regarding the items you sell or deal in. The license bond system works by assuring your customers and clients that you are sure of your obligations and that you have the intention to follow all the regulations correctly.
If you fail to live up to the agreement that you entered into when you obtained your license, your bond is available to be able to quickly fix any financial matters that have been caused by your non-compliance.
Your bond is only able to cover purposeful or illegal acts committed by your business. You will still need to have a comprehensive public liability insurance policy to be able to handle any damages incurred by way of accidents.