Texas Business Services Bond |
AmeriPro Surety Bonds | 844-589-9732
Texas Business Services Bond
A Texas business services bond is a type of fiduciary surety bond.
By fiduciary is meant that the purchaser of the bond (the principal) is enacting in a trustee capacity with respect to the obligations of the bond.
The Texas Business Services Bond: What it is…
The Texas business services bond is a surety bond purchased by:
- A principal (the business establishment);
- Which protects the property, monies, and securities of the customers of the business;
- From criminal acts committed by the employees, operators, and managers of the business against the property, monies, or securities of the customer;
- Upon conviction in a Texas court of law.
Regulation of the Texas Business Services Bond
The Texas business services bond is regulated by the Texas Department of Insurance.
The obligee, that is the persons or entities who required this fiduciary bond, will be dependent upon the nature and type of business being bonded.
Dollar Amounts Available for This Bond
A Texas business services bond can be purchased in one of four different amounts:
These surety bond amounts are:
- A $5,000 business services bonds;
- A $10,000 business services bond;
The Premium (Cost) for a Business Services Bond
Premium (or, the price you will pay) for this bond will be determined by:
- The dollar amount purchased;
- The applicant’s credit score.
These bonds are low price given the protection that they afford to your clients and customers.
- A $5000 business services bond may cost as little as $75;
- $10,000 may be as low as $100;
- $25,000 may be as low as $175;
- $50,000 may be as low as $350.
Again, we emphasize that the price you may pay for this bond may be determined by your credit score.
AmeriPro Surety Bonds will work with for you to obtain the best surety bond pricing.
Duration of the TX Business Services Bond
Once issued, the business services bond is active for one year.
Thereafter, it must be renewed to stay current.
Is the Texas Business Services Bond an Insurance Policy?
This bond is a surety bond which is issued as a financial guarantee to protect your customers and their property.
Unlike an insurance policy, it does not protect the business at all.
Rather, it is a policy which the business purchases to protect their customers from wrongdoing by the business.
If a claim were paid on the bond, what is the buyer’s (the principal’s) responsibility?
With surety bonds, any claims paid by the surety are the legal and financial liability of the principal.
While the surety may pay a claim, the surety will seek to recuperate all costs (the claims, plus any type of related fees) from the principal.
It is ultimately the legal responsibility of the principal to reimburse, in full, any claims paid by the surety to the obligee.
AmeriPro Surety Bonds is your agent with the surety company.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency which provides fiduciary, contractor, license and permit, and court surety bonds throughout Texas.
We also provide surety bonds nationwide.
Call our agency today for the surety bond you require: 844-589-9732