Before you can have your license activated you will probably
be required to purchase
a bond, commonly known as a LICENSE bond, with a minimum
value (our minimum is $10,000). This bond that you are
required
to purchase basically gives your customer one more pocket
to reach into when and if you do not perform as your contract(s)
states, and your customer wins a lawsuit against you.
The bond
company you choose will provide proof of your purchase
to the License Board and at that time you will pay your fee
of $150 to have your license activated.
A nice thing about the bond requirement is that once you
have purchased your bond, you will use the same bond for all
additional classifications you add to your license.
Two exceptions to this rule are: 1) If the additional
classification(s) is used to start an additional company
in which case, an additional bond is required and 2) If
the additional classification(s) is roofing and/or pool
contracting in which case, a higher bond of $10,000 is required.
It is a good idea to check out several different bonding
companies until you find one you are comfortable with. We
use Southern
California Insurance Brokerage for our bonding and insurance
needs. Always inquire as to what the 'rating' of the bond
company is. There are several different ratings such as: A++;
A+; A; A-; B+; B; B-; etc. These ratings are assigned by a
company named A.M. Best, and the ratings indicate the past
(and present) performance of the bonding company.
If you use QuickBooks or Quicken, or if you've been considering
one or both of these programs, then this message is for
you: One of our members, Gita Faust, is a certified expert
in QuickBooks and she provides free support to visitors
of our site and/or subscribers of our newsletter. This
is the same type of support you pay $50 per hour for from
Intuit (QuickBooks creator). Click here to visit
her site and here to send
her an email. :)
|
Thank you for visiting. I hope that this article has helped
you! If you've got a couple moments, could I ask you please
to use the box right below here to tell me what I can do to
make this page more helpful to you and others? It'd be a great
help if you can. :) Thank you! (after you hit submit you'll
come right back to this page)
We have many more articles pertaining to business available
by clicking here. Have a great
day! Diane
|
|
|
Pssst... had an insurance check-up
lately?
Let SCIB quote
your insurance needs for you today. We have used them for four years now,
they're great! |
"This site is an
obvious tool that anyone in construction should be using."
James Farmer Canoga Park, California
read
more |
|
Southern
California
Insurance
Brokerage,
Incorporated
For all of your bonding and insurance needs!
Click
Here!!
|
|
|
