Whats the difference between bonded and insured?


#1

I recently priced a job and i’ve got legit roofers insurance (not that fake insurance) . but the customer asked me if i was bonded… i got so excited about the job i was just saying yes to much. So i told her i had it and I DONT EVEN KNOW wHAT IT MEANS ? can you guess help me out.


#2

In Indy we have a bond that we put with the building dept every year from a local insurance company.

It cost me 100.00 a year and basicly will pay a customer up to 10k if I mess up a job, and the city trys to collect from my insurance company.


#3

For surety, payment, BID, and perfoRMANCE BONDING, THE INSURNACE COMPANY BACKGROUND CHECKED ME, CREDIT CHECKED ME, LOSS RUNNED ME, CHECKED ON PUBLIC RECORDS FOR LAWSUITS, AND THEN CHARGED ME TO SAY ok, WE WILL BACK HIM.


#4

thanks guys appreciate all your help