I know the purpose of a surety bond and insurance. Why would a small (2-3 employee) company be both bonded AND insured. Isn’t it usually one or the other?
It might help to know the context, such as the industry.
In WA (and many other states), a bond and insurance are both required of anyone with a contractor’s license even if you’re a sole proprietor. The insurance is much broader in its coverage than the bond, but the bond is immediately available to cover damages (“immediate” compared to insurance that will pay out only through a claims process).
It’s hard to tell if these sitters are B&I as an industry standard or because of Pet Sitters International which seems (and I could be wrong) a self-proclaimed industry association/certifier. I know they promote being B&I.
Had some contact with them while I was with an ex who was setting up a pet sertives business. I got the strong impression that PSI was more like a disguise for a company that really was in the insurance business.
Pet sitter here.
Bonding and insurance are two different things.
Bonding covers me and up to 4 employees if I or they steal something from your home. It doesn’t pay out immediately, you can’t call the surety company and accuse me and expect a payout. I have to be prosecuted and found guilty.
Insurance covers your pet, your home and furnishings if I am negligent.
I have no employees and I don’t steal, but I still carry a bond because customers like it and in the rare cases I have someone cover for me I am covered.
I carry insurance because you never know what can go wrong.
Both are cheap, bonding is $100 a year and the insurance just went up to $108 a year. Very cheap for peace of mind.
When I first started @15 years ago I couldn’t find policies on my own. National Association of Professional Pet Sitters and Pet Sitters International both offered Bonding and Insurance. I don’t know what their policies cost now but the bonding was slightly lower but their insurance was way higher, like $450 a year.
In my state there is no license for pet sitters, or I would have that too.
National Association of Professional Pet Sitters and Pet Sitters International
What’s the difference between the two?
Two different organizations, pet sitters can belong to either or both. I never joined PSI, for several years I was a member of NAPPS. At that time NAPPS required members to be bonded and insured, PSI recommended it but it wasn’t required. I don’t know if that is true today. Also at that time it seemed like PSI had more members on the West Coast and NAPPS was East Coast. Both offered seminars on pet sitting, pet care, running a business, business ethics, employees vs. independent contractors, etc. Both offered bonding and insurance through them.
I learned a lot from their newsletters and other pet sitters experiences.
Both sites have a place on their home page where you can put in your zip code and get a list of pet sitters in your area. It was a lot cheaper than advertising in the phone book and eliminated all the calls from people outside your area.