What It Means To Be Bonded, Licensed & Insured
Whenever a company offers its services, it’s generally quick to note that it’s bonded, licensed, and insured (when it applies and if they are). What does it mean though to be bonded?
Being bonded means that a bonding company has secured money that is available to the consumer in the event they file a claim against the company. The secured money is in the control of the state, and not under the control of the company. Let’s say you hire a cleaning company and they end up stealing something from your home. You would file a claim against the company and, after an investigation, the claim would be paid out by this bond.
This is slightly different but similar to what it means for an employee to be bonded. Being bonded in that case means that a bonding company has investigated your background and finds that you’re trustworthy and “good” enough to insure. This is generally done when an employee has to handle large amounts of money, or handle valuable property like jewelry or art. There is a very extensive and deep background check involved and what the employer gets is a bond ensuring you won’t steal - If you do, then the bonding company pays out the amount of the theft.
By being bonded, it shows that the employee or company is trustworthy enough for a bonding company to insure you up to a certain amount.
Being bonded means that a bonding company has secured money that is available to the consumer in the event they file a claim against the company. The secured money is in the control of the state, and not under the control of the company. Let’s say you hire a cleaning company and they end up stealing something from your home. You would file a claim against the company and, after an investigation, the claim would be paid out by this bond.
This is slightly different but similar to what it means for an employee to be bonded. Being bonded in that case means that a bonding company has investigated your background and finds that you’re trustworthy and “good” enough to insure. This is generally done when an employee has to handle large amounts of money, or handle valuable property like jewelry or art. There is a very extensive and deep background check involved and what the employer gets is a bond ensuring you won’t steal - If you do, then the bonding company pays out the amount of the theft.
By being bonded, it shows that the employee or company is trustworthy enough for a bonding company to insure you up to a certain amount.