Janitorial Service Bonds Broker
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All About Janitorial Service Bonds
You’re a professional insurance agent, ready for anything when it comes to your clients’ needs. Well, almost anything — when it comes to specialized surety coverage like janitorial service bonds, you might need a little professional help. That’s why BondExchange has you covered. Here’s what you might need to know about janitorial service bonds, when and why your clients need them, and anything else necessary to keep your clients protected.
What is a Janitorial Service Bond?
First things first: the definition of a janitorial service bond. Janitorial bonds are a type of surety bond designed for residential or commercial cleaning companies. Janitorial service bonds protect the customers of the cleaning company from loss when an employee steals from the customer. It’s recommended for any janitorial services business, such as a residential cleaning company, a housekeeping company, or a maid company, to purchase janitorial service bonds.
How Do Janitorial Service Bonds Work?
Janitorial service bonds work in a straightforward manner. Companies purchase a bond from a licensed surety bond provider by paying a premium based on the amount of coverage requested and the number of employees at the company. The bond kicks in if the janitorial company suffers a loss by reimbursing the employer for verified claims up to the bond amount. Most insurance companies require that the employees caught stealing are convicted of the crime before making a claim payment.
What’s the Cost of a Janitorial Service Bond?
The cost of a janitorial service bond is determined based on the number of employees and the bond amount. For example, a company with 5 or less employees can expect to pay $100 for a $5,000 bond, or $359 for a $100,000 bond.
Unlike other types of bonds, janitorial services bonds typically do not require a credit check or other underwriting information for business owner’s to obtain a bond up to $100,000 in size. However, for larger bond amounts the insurance company will ask about the janitorial service companies controls in place to prevent theft, such as background checks for employees, access to customer valuables, and history of losses.
How to Get a Janitorial Service Bond
Janitorial service bonds, like other surety bonds, are obtained through insurance companies and their agents that specialize in providing surety bond insurance. Agents approach surety bond companies and source quotes on behalf of their janitorial clients before presenting them to their clients for review. BondExchange represents over 30 different surety companies to provide agents with the best rates instantly on janitorial service bonds.
The process of sourcing a janitorial service bond can be challenging for insurance agents that don’t specialize in surety. Understanding how these bonds work and the underwriting process enables agents to provide valuable guidance to their janitorial clients, but it is also beneficial for agents to find skilled partners in sourcing any other related bond such as an employee fidelity bond.
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Why Partner with BondExchange for Janitorial Service Bonds?
BondExchange has been working with insurance agents for over 40 years, building functional and fast technologies and specialty programs designed to help agents work more efficiently. We know that most insurance agents do not focus on surety bonds such as janitorial service bonds, so we’ve created a platform that makes the process simple, fast, and profitable.
Simplifying the Bond Process with the Help of Straightforward Tools
Thanks to the intuitive technology we’ve designed, BondExchange has simplified the janitorial service bond process. Agents find it easy to quote bonds quickly, deliver those quotes electronically, and issue bonds online. Our online application uses language that’s easy to understand for both agents and their end customers. Our system generates quotes instantly after taking just seconds to shop over 30 markets, offering online bond purchases with zero paperwork.
You Deserve Customized, Expert Service
Our agents always come first here at BondExchange. Your name and brand is featured prominently, reinforcing your expertise and professional image with your clients at all times. With our professional underwriting staff, you’re always just a step away from the answers you need, whether it’s by phone, our website chat, or email. Our friendly, knowledgeable experts stand ready to help you through the bonding process.
Single Entry-Point Solution for Insurance Agents
BondExchange keeps it simple when it comes to providing access to hundreds of different types of bonds and rates from more than 30 different carriers. We offer a single entry-point to shop the entire surety market instantly online, putting your profitability and professional reputation first.