It is not always necessary for you to carry any type of insurance or bonding for your cleaning business. Although, not necessary it is always a great idea to protect yourself and your potential clients by having the insurances and bonding in place. Most companies will not let you bid on their work unless you show proof of your bond or insurance, as will some residential customers.

You should shop around to all business insurance agents in your area and get quotes to find out who will be the lowest premium for you. You should look into a Fidelity Bond. The fidelity bond is in place to protect the people you are working for from theft by you or by one of your current or past workers. In order for this policy to pay there will need to be a trial and guilt found. Clients like to see this type of bond since it will protect them from you and your company stealing from them. They will have an option if this were to ever happen.

As the credit crisis continues, borrowers AND banks are suffering. One of the issues is existing commercial loans and their existing loan to values. As commercial real estate values begin to decline in some markets one of the unfortunate realities we are starting to see is commercial loans beginning to come close to being underwater; and in some cases actually underwater. Meaning that the loan balance exceeds the value of the property. This is due to its value dropping quicker than the loan balance.

As a result, we are having to field one of the more unfortunate phone calls, it’s a frustrated borrower that is in complete shock that their commercial loan has been “called” – meaning that their bank is pre-maturing ballooning (forcing the borrower to pay off the balance) their commercial loan.