Potential business owners in Canby planning to open a commercial business often wonder whether they have the right insurance coverage to protect their company’s assets. Questions about general insurance and commercial bond insurance can be confusing, but our knowledgeable agents at Oliver Insurance are here to explain the differences and help you determine what you need for your specific cleaning service business.
What is Commercial Bond Insurance?
Commercial bonds are required for certain types of businesses, but not all. A bond serves as a guarantee that the business is operating in compliance with state requirements.
State of Oregon Cleaning Service Insurance Requirements
In Oregon, you can typically open a cleaning service business without needing commercial bond insurance, also known as a surety bond. The state generally does not require a bond for businesses providing general cleaning services for commercial or residential properties. However, exceptions apply if you are a contractor offering specialized cleaning services. In such cases, a surety bond would be required. Additionally, some clients may request that your business be bonded, even if you are providing general cleaning services.
Benefits of Having Commercial Bond Insurance
Securing a commercial bond, such as a janitorial bond for a general cleaning services business, offers several benefits, including:
- Low cost and affordability.
- Annual renewal for convenience.
- Coverage for theft by employees (e.g., money, equipment, etc.).
- Protection for your clients against financial loss.
- Enhanced credibility for your company.
Contact Us
Whether you are a new business owner in Canby, OR, with questions about required insurance for your business, or you want to ensure your current coverage is sufficient to protect your business assets, call us at Oliver Insurance. We will review your business plan and recommend the best coverage options for your needs.
