[camronphil]

how does one go about getting personal bonding insurance?

[LORD Z]

Bonds are an insurance product, but they aren't insurance. You can get a bond - and there are hundreds of different types of bonds - from a local, independent agent, the same guy that is giving you insurance for your business.

Do a search on yahoo bonds. Bonds aren't insurance - they're a guarantee. The insurance company is going to pay a predetermined amount to the person specified, if you do or do not do something. That's what it is. So whatever you think you need it for, unless it's a license bond to a governmental entity, you have to buy one for EVERY JOB, because it won't transfer.

[alicia]

You will want a business services bond. You will purchase this through the same agent from whom you are purchasing your general liability coverage. With this type of bond you WILL NOT need a separate bond for every job.

The cost will be relatively low because the bond is generally for a small amount, perhaps 5,000 or 10,000. As you have no employees the annual premium should be less than $200. Make sure the bond covers you as a sole proprietor and not just employees.

However, one thing to keep in mind is that business services bond are more of a marketing advantage than actual coverage because it is very difficult to collect on such a bond. The employee (or you) must be convicted of the alleged dishonesty before coverage would apply.

[W S C]

Bonds are different than insurance. Bonds are a guarantee the something will be done, or not done depending on the situation. The above answers are good, however, there are many types of license bonds and surety bonds that are not PER PROJECT. Bonds are generally something that you get only when you are required to carry one. The reason for this is that you must "personally indemnify" the bond. This means that if the company pays out a claim, they have the right to come back and secure your personal assets to reimburse themselves.

Bonds can generally be secured by any number of independent insurance agents in your area. Your credit and financial stability WILL come into play when getting approved for these bonds so be prepared. If we knew who was requiring this bond from you and what the reason was, then we could give you more information, but these are Th basics of bonding.

Good luck to you!