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Learning a lot doing this. So is my broker.

Basically, it is a requirement so that I can be sued (it provides a $25k bond) and serves as, well, "Ben isn't a dick and his company is legit" 馃槀

Need five character references that aren't related, I have at least ten. Going down the list of my favs right now. Plus a witness for one DMV document.

So, when you see "Bonded & Insured", that's this. :)
That鈥檚 not what bonded means.

It鈥檚 literally money set aside to cover any minor lawsuits that may come against you, and as all small businesses find out: they get sued often for frivolous reasons.

It doesn鈥檛 mean it鈥檚 an advertisement to say you鈥檙e a legitimate business. The state requires it so as not to overload the court system with frivolous lawsuits.

And the references are for the same reason creditors ask for them: so they have names of people to contact when they need to track you down for not paying your bills (or lawsuit settlements).
 

Premium Member
2021 Honda Accord EX-L
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7,062 Posts
Discussion Starter · #83 ·
  • Haha
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Premium Member
2021 Honda Accord EX-L
Joined
7,062 Posts
Discussion Starter · #85 ·
  • Like
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Premium Member
2021 Honda Accord EX-L
Joined
7,062 Posts
Discussion Starter · #86 ·
To the haters, read my signature.

Everybody sour like a lemon tree
I'm just smiling down upon my enemies

Do this shit, and love it on the daily
You say you hate your job, but you'll never leave, never leave. - "Vacation" by the Dirty Heads. If you do not like your life then you should go and change it!
 

Premium Member
2021 Honda Accord EX-L
Joined
7,062 Posts
Discussion Starter · #87 ·
That鈥檚 not what bonded means.

It鈥檚 literally money set aside to cover any minor lawsuits that may come against you, and as all small businesses find out: they get sued often for frivolous reasons.

It doesn鈥檛 mean it鈥檚 an advertisement to say you鈥檙e a legitimate business. The state requires it so as not to overload the court system with frivolous lawsuits.

And the references are for the same reason creditors ask for them: so they have names of people to contact when they need to track you down for not paying your bills (or lawsuit settlements).
I put you off ignore for now.

You're exactly correct. And, no, absolutely not an advertisement - but it does gain trust with some people (mainly for handyman companies, plumbers, electricians, etc).

Mine is $25k. I'll be insured for $300,500 and I am an LLC.

Been burning it from both ends lately, this stupid new version of the site does not combine recent posts like the previous one did. Multiple thoughts came to mind all at once, forgot about that new "feature".

I'm just happy that my bond passed immediately and I'm one step closer to my goal. Paperwork will be filed with the DMV tomorrow or Monday.
 

Premium Member
2021 Honda Accord EX-L
Joined
7,062 Posts
Discussion Starter · #88 · (Edited)
To "spam" again. 馃槀

My broker has never done one of these bonds before and we're learning together. He writes bonds all day long but never for this, very rural area where he's located - mainly agriculture.

I also schooled at least four insurance agencies on why commercial insurance is required in order to run such a company, every single one thought I only needed a rideshare endorsement.

Oh, and "Ben is not a dick" is actually part of the DMV portion. I need 5 people, not related, to attest to that - have four already in line and about five more to choose from. :)
 
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