A surety bond is a three-party agreement that legally binds the principal (the facility owner or licensee), who needs the bond, an obligee (State) who requires the bond and a surety company that sells the bond. The bond guarantees the principal will act in accordance to state laws and regulations regarding the residents' money.
It protects State, the Obligee, up to the amount of the bond against financial losses as a result of poor financial decisions, losses, or unethical decisions of your part, the business owner.
Adult Day Care (ADC) / Adult Health Day Care
Adult Residential Care Facility (ARF)
Assisted Living Facility
Group Home / Small Family Home
Home Care Organization / Home Health Agency
Independent Living Facility (ILF)
Intermediate Care Facility (ICF)
Residential Care Facility for the Elderly (RCFE)
Liability + Property + Auto + Umbrella
Employment Practice Liability
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Other insurance to consider for your business