Common types of surety bonds that are required by some local businesses include:
Janitorial Surety Bond
A Janitorial Surety Bond is not required to do business, but it can be a great marketing tool for a company. When a private business wishes to be hired in a janitorial role under a larger business, the Janitorial Surety Bond helps protect the hiring business from theft and any wrongdoing that may occur under the bond holder’s supervision. It gives a company peace of mind when hiring a janitorial professional and helps a business stand out among the other applicants. Most Janitorial Surety Bonds are filed in the amount of $10,000.
Legal Document Assistant Surety Bond
In the year 2000, California authorized non-lawyers to prepare legal documents for individuals doing their own legal tasks and created a new profession of Legal Document Assistants. They have the same educational background as a paralegal; the only difference is that the Legal Document Assistant does not work with a lawyer. A person must register to become a Legal Document Assistant and hold a Legal Document Assistant Surety Bond for an amount of at least $25,000. This is to protect their clients from misinformation that may cause harm or financial losses.
Sometimes a business needs to outsource a team or an entire department. When a company finds insurance to cover their business, sometimes this insurance doesn’t cover private contractors or outside help. In order to protect the business, these outsourced teams may need to obtain a surety bond.