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Daycare Insurance>What is Bonded?
My Daycare 04:10 AM 12-09-2010
I am looking at the website and I don't know what it means to be bonded. I am insured and licensed, but how do I know if I am bonded?
MyAngels 04:33 AM 12-09-2010
I was bonded years ago when I worked at an attorney's office. The law firm bought a "bond" from an insurance company. I had to pass a background check, and then, if I understood it correctly, the "bond" protected the law firm in case I ever absconded with a client's money or property.
My Daycare 04:56 AM 12-09-2010
So it seems like that would be more for a nanny. If I'm understanding it right, it protects the parents property in case the nanny steals or damages something. I wonder why that would be required for a home daycare?
MyAngels 05:13 AM 12-09-2010
I'm not sure, I guess, unless there are other kinds of bonds available. I was also bonded when I became a notary public, though I think that bond had something to do with the performance of my notary duties, and not so much with the financial end of it, and I didn't have the background check that time. Maybe it has something to do with passing the background check, although in my state they do a background check for licensing anyway.
missnikki 07:47 AM 12-09-2010
LICENSED - says a company is registered to perform certain types of work and only those types of work; for example, siding - wood & other, window installation, etc. A license also gives you a reference # that must be included on ALL advertising. You as a consumer can check up on a contractor's license # to see if they are current, legal, or have complaints against them and all sorts of great information. [ depending on your state ]

BONDED - A bonded company has secured funds (controlled by the state) that are available for consumer's claims against the company. This money is directly available to you for various reasons as controlled by a state agency. [ depending on your state ]

INSURED - If the unspeakable happens, it's important that the contractor or company has insurance. In some cases, such as an injury: you as a home owner could be held liable - if the company has no insurance. [ depending on your state ]

Hope this helps!
Tags:bonded, insurance
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