Thursday, December 1, 2011

FAQ: What does ‘Licensed, Bonded and Insured’ Mean?

Here is an excerpt from a new blog post at GreggMarcus.com:
If you’ve ever looked for a business to perform any type of homebuilding, renovation or repair project, you’ve come across the term “licensed, bonded and insured.” In this post, Long Island Insurance Executive, Gregg S. Marcus, explains what it means to be licensed, bonded and insured. The federal government contracts require contractors to be bonded and insured, to reduce the financial risk. House cleaning services, moving companies and pet sitting companies are bonded and insured in case any thievery, accident or other damage caused by the company.
Licensed
For certain professions, a license is necessary to show that you’re competent and permitted to conduct business in the city, municipality, or state in which the license was issued. Generally, to be licensed in a field means that the person has completed a certain amount of education and training, been rigorously tested on this knowledge, and been approved by the state to perform the type of work on which they were tested on. In most cases it also means that the person must keep up with current information and advances within his field through continuing education in order to maintain the license. Consumers can look up a business’ performance history in most states through the Better Business Bureau using their license number.
To read this post in it's entirety, click here to visit the Gregg Marcus official website.