How to Get Bonded for a Home Health Care Business
When opening a home health care business, you must ensure that you are meeting all state and local rules and regulations. In many states, the first step to complying with rules is to offer proof that you are bonded and insured. Bonding also protects your business in case of an unexpected event or accident. If someone is injured on your property, insurance and bonding will help cover those costs as well.
Other People Are Reading
Instructions
-
-
1
Review the rules and regulations in your particular state. Each state varies in how much bonding and insurance is required. Contact the U.S Department of Health and Human Services for information specific to your state.
-
2
Contact bonding companies. Sometimes insurance companies will do bonding as well. You will be required to fill out an application. This information is very extensive and may include credit checks and references. The bonding company will also run background checks on the owner and company.
-
-
3
Ask companies for quotes and discounts if applicable. Companies will vary in what they offer and what they cost. Make sure that what they offer at least covers the state-required minimums.
-
4
Call your local licensing authority. This is typically the small business administration in your area or your local business licensing office for your city or county. They may offer discounted policies or refer you to a company that will make sure your minimum coverage is met.
-
5
Choose a bonding company. Once you have all your prices and coverage quoted, make the best decision for your budget and your business.
-
6
Send in your premium and your agreements. Your bonding will be in effect as soon as the required paperwork and premium is processed. Make sure that you keep your proof of payment.
-
1
