There are many risks when you own and operate any business, however, the risk is particularly high for bail bondsmen agents. There’s always a chance that clients will skip out on their bail and fail to appear in court, despite the fact that you charge your clients a nonrefundable fee or collect collateral from them. You are liable and will be responsible for paying the court the remaining amount, that the defendant you served as a surety for, owes if that happens. Should your clients fail to uphold their end of the bargain, or you run into other issues, insurance protects you from potentially crippling financial damages.
What Insurance Does My Bail Bond Company Need?
InsureWise can help you get the best coverage that can protect you and your business in common situations and even in unique cases. Depending on where their business is located, the number of clients they represent, and the size of the company are just a few of the factors that will affect the type of insurance bail bondsmen require as well as other factors, specific types of bail agent insurance coverage can be included in your coverage. Below are some coverages a bail bondsman should consider.
Bail Insurance Coverage
For any bail bonds that may be forfeited, bail bondsmen agents are required to prove that they have the means available to pay on most states. To allow the bail agent to back the bonds that you write for defendants, bail insurance acts as a bigger bond that serves as proof to a court that you.
Commercial General Liability. From any third-party personal injury or property damage claims, this type of coverage protects you.
Commercial Property Insurance. The physical structure of your business, as well as the contents within it, will be covered from various types of damages, such as fire, water, or storm damage, as well as vandalism and theft with this type of insurance.
Insurance for Bail Bondsman
There are additional coverages that might be right for and your bail bond agency and InsureWise can help navigate through the various coverages to help you get you what you need.