Bond and Insurance

[Mr. Timothy Curtis]

I started a new company in Washington State, when i went to my insurance agent to get my bond and ins. he informed me i needed a 6k bond. Washington requires a 4k bond. I went with the 6k, and when I went to LNI, my licencing dept, They said I could not have a 6 it had to be a 4. They would not licence me because I had to much of a bond. So now I have to go back to the agent and get it adjusted. Does this seem like to much red tape to you? I mean come on I understand the law and it says a contractor must have a four thousand dollar bond, But six is larger so why would it matter.

I don't know I really am just venting but anyway what do you gentlemen or ladies think about this?????

 

[mattselectric]

$

$

It'll be worth it in the long run. Think of the raise. Big Government!

 

[bill j]

Mr. Timothy sir, I mean this in all sincerity and no disrespect. You didn't mention anything about having any previous business experience so I will assume this is your first shot at it. The frustration and anger one can get at " red tape " knows no limit. Self emplyment tax, FUTA, employment insurance for emplyees, work comp, liability, sales tax, estimated tax, quarterlies, forms forms forms. I once waited on hold for the IRS for about an hour when a recording said " good bye " and hung up. That example is so small compared to the paperwork that needs to be saved then reported plus the frustrations of various clarifications or unknowns that arise. There are ways to cope with it e.g. accountant, bookeeper etc. None the less red tape is a part of business.

 

[Mr. Timothy Curtis]

Ya thanks, it is my first business. I was just venting thank you for your thoughts. I realize there will always be paperwork, forms, various red tape that comes along, I just think that in the insurance world more is always better. thanks for responding to me. Its going to be a long road ahead and patience is key in any successful company. Thanks again

 

[jeff43222]

Sounds goofy to me. Are they also going to raise a stink if you have too much liability coverage? You should probably watch out for the inspectors, too. Never know if they are going to give you grief for upsizing a GEC.