There are two types of Bonds that a company can have.
Fidelity Bond – This is known as an “feel good” bond because it essentially just reassures the client that if there were ever an instance of theft inside their home, they would be protected. There is a caveat that there would need to be a trial and a guilty sentence for this bond to take effect. Since most thefts are not required to go to trial, the bond is actually less important than many people think.
Surety Bond – This type of bond is known as a “Performance” bond. This bond just lets the client know that if there were ever an issue where the job was not being completed as promised, they would have the opportunity to contact the business’ insurance company so that they could be reimbursed to use the funds to hire another company to complete the job properly without being out any money.
The important part of the term “Bonded and Insured” does actually appear to be the latter. However, when searching for a cleaning service, or other service professional, it is definitely important to find a company that takes that extra step to bond themselves. It is always reassuring, not to mention professional, to have a backup plan.
