In-Home Care

[Mother Bond]

I have a fidelity bond for my In-Home Care business. At first, I was only going to provide such services as light cleaning, grocery shopping, etc. But since I'm a registered nurse, I've decided it makes sense to provide in-home nursing as well. Should I inform my surety agency of this change?

[Bond Magician]

Originally Posted by Mother Bond

I have a fidelity bond for my In-Home Care business. At first, I was only going to provide such services as light cleaning, grocery shopping, etc. But since I'm a registered nurse, I've decided it makes sense to provide in-home nursing as well. Should I inform my surety agency of this change?

Yes, you really should inform your surety agency of every change that you make with the business. That way they can update their information and also make the surety company aware of the change.

[Mother Bond]

Will my premium go up because of this change?

[Bond Magician]

Originally Posted by Mother Bond

Will my premium go up because of this change?

It depends. The surety agent will submit everything to the surety company. Premium usually wouldn't change due to this specific type of change, but obviously, premium will change if you choose to change the bond amount.

[Mother Bond]

Would it be a good idea to increase the bond amount, since I'll be taking on more responsibility?

[Bond Magician]

Originally Posted by Mother Bond

Would it be a good idea to increase the bond amount, since I'll be taking on more responsibility?

In this case, it may be a good idea to increase the bond amount. Please note that the differences in premium are not that much, so it will not be that expensive to increase the bond amount if you choose to.

[Mother Bond]

It's just me right now, but what if I hire a couple of employess later on down the line... will that affect my premium?

[Bond Magician]

Originally Posted by Mother Bond

It's just me right now, but what if I hire a couple of employess later on down the line... will that affect my premium?

The standard coverage covers five or less employees, so if you decide to have more than five employees, you will need to advise your surety agency and premium will be affected.

[Mother Bond]

What does this cover exactly? Theft, damages, bodily injury...

[Bond Magician]

Originally Posted by Mother Bond

What does this cover exactly? Theft, damages, bodily injury...

This type of bond protects you and your customers from loss incurred by dishonest acts of your employees. It also covers you against acts by all company employees, both part-time and full-time.

Damages and bodily injury would be covered under liability insurance. Your best bet would be to contact your local insurance agency for that type of coverage.