What You Need to Know before Applying for a Warehouseman Bond
July 15, 2012 by admin
Before applying for a Warehouseman Bond, you need to know an insurance broker. This person works with insurance companies that will cover your work for you if you are qualified to buy one of their insurance products known as a surety bond.
An insurance broker will make an evaluation of what type of company to ask for you to get a Warehouseman Bond after he has the following information.
- He will want to know if you are the sole owner of your business or if you have partners. If you are the sole owner, he will want to know if you any other income besides the income that you make or plan to make from your work. If you have partners, he will want to know the same information about them.
- He will ask to see your bank statements showing your savings and your company’s net worth.
- He will want a list of your equipment and of condition of your equipment.
- He will ask to see if your labor is hired from union labor or if you hire by advertising. If you are a corporation, he will want to see your state approved corporation identification numbers.