Are you a college student with small business experience? We want to read your story!

Omar Ziadeh

 

 

 

 

 

 

 

 

 

 

SuretyBonds.com is currently accepting applications for our annual Small Business Success Student Scholarship Program. To encourage participation in the 2015 scholarship opportunity, our scholarship committee caught up with our past winners to learn about their experiences with the program.

For a brief summary of the 2015 SuretyBonds.com Small Business Success Student Scholarship Program, check out our recent blog post and our scholarship webpage.

Meet Omar, 2014 Scholarship Winner

Omar Ziadeh was 1 of the 3 scholarship recipients of the 2014 SuretyBonds.com Small Business Success Student Scholarship Program. In his essay, Omar shared how his dad’s small business — Inline Metrology Solutions — helped him “mature as an individual.” Read about Omar’s small business experience here.

Our scholarship committee caught up with Omar to talk about the steps he took to become a winner of $1,500.

“I found out about the SuretyBonds.com Small Buisness Success Student Scholarship Program through an internet search for scholarships. Being a business major, I thought this scholarship would be something I’d be able to relate to. I felt great sharing my experience with my dad’s business because it has helped shape me into the individual I am today. When I found out I was selected as a top 10 finalist, I spread the word through a lot of Facebook statuses and then through a connection to a local news station that gave me 2 minutes of airtime. When I found out I was a winner of $1,500, I was ecstatic. I was so happy that so many people were there to support me and help me, especially coming from a small town in the middle of nowhere.”

“This scholarship was an amazing experience. I became closer with many members of my community through the support they gave me. I got to be on TV. It was completely worth it.”

Would Omar encourage other college students with small business ownership experience to apply for the SuretyBonds.com Small Business Success Student Scholarship Program? “Of course!”

In closing Omar had this to say:

“Good luck to all the future participants, and thank you, SuretyBonds.com, for providing such an awesome scholarship to thousands of college and incoming college students every year!”

If you’ll be a full-time college student in the fall 2015 semester and have experience with small business ownership (whether personally or through a parent, grandparent or legal guardian), we want to hear from you! You could win a $1,500 scholarship to put toward your higher education endeavors just like Omar.

For the official scholarship rules, visit www.suretybonds.com/scholarships/official-rules.

To share your story, submit a completed entry form at www.suretybonds.com/scholarships/apply by March 31, 2015.

For further information about the SuretyBonds.com scholarship program, email Scholarships@SuretyBonds.com.

SuretyBonds.com digital marketing director Mike Henderson featured on St. Louis BBB blog

mikeSuretyBonds.com’s digital marketing director Mike Henderson was recently interviewed for an article about how having an accredited Better Business Bureau rating — and therefore an official BBB logo on a website — makes a difference when it comes to turning website visitors into clients. The article ran this morning on St. Louis BBB Blog The Torch as part of the “Look for the Seal” campaign. The article can be accessed online here and originally appeared in the fall issue of BBB’s Torchlight magazine.

In the article, Mike says that the “BBB seal ‘brings a lot of authenticity to our site.'” In fact, “more than 230 customers have clicked on [SuretyBonds.com’s] dynamic seal this year.” “’We’re in the business-to-business space, and it makes us more human,'” Henderson says.

SuretyBonds.com is proud to be included in the article as a positive example of being accredited with the Better Business Bureau.

Whether you’re a customer of an online company or the owner or employee of a BBB-accredited business, how has having the BBB seal on a website impacted your buying or selling experience? Customers, is the seal something you look for when determining which company to give your business to? Businesses, is including the seal on your website an important element of design?

Increase to surety bond amounts for Alaska contractors in 2015

Ak contractor

 

 

 

 

 

 

 

 

 

The Alaska Department of Commerce, Community and Economic Development’s Division of Corporations and Business and Professional Licensing recently updated its licensing requirements for construction contractors. Among these updates are changes to the surety bond requirements for the various classifications of contractors.

Alaska SB 193 was signed into law on July 11, 2014, and the new requirements go into effect on January 1, 2015. The revised legislation includes changes to bond amounts broken out here:

  • raise the bond amount for general contractors from $10,000 to $25,000
  • raise the bond amount for general contractors with residential contractor endorsements under AS 08.18.025 who perform exclusively residential work to $20,000
  • raise the bond amount for mechanical or specialty contractors or home inspectors from $5,000 to $10,000
  • raise the bond amount for contractors whose work on one project with an aggregate contract price of $10,000 or less (including all labor, materials and other items, when the work is not part of a larger or major operation or otherwise divided into contracts of less than $10,000 to evade a higher bonding requirement) to $5,000

For more information on how to become licensed as a construction contractor in Alaska, view the application packet here. Visit the Department of Commerce, Community and Economic Development’s Corporations, Business and Professional Licensing website for more regulations of construction contractors.

View the guide on contractor bonding in Alaska put together by the SuretyBonds.com experts here.

Although the state has not yet issued updated surety bond forms for the new requirements or further information on the matter, the experts at SuretyBonds.com are familiar with this change and can help you comply with these new requirements quickly, easily and accurately. Our team is making it a priority to stay up-to-date on these changes to ensure that our clients remain informed about the bonding requirements that pertain to them. To be sure you purchase your bond in the new amount prior to the January 1 deadline, call 1 (800) 308-4358 between 7 a.m. and 7 p.m. CST Monday through Thursday or between 7 a.m. and 6 p.m. CST on Friday. Or, submit an online bond request 24/7 to connect with our team of surety bond specialists.

South Carolina establishes surety bond requirement for in-home care providers

 

 

 

 

 

 

 

 

 

The South Carolina Department of Health and Environmental Control adopted regulations to update licensing regulations for in-home care providers. Pursuant to Section 103.D.1 of Regulation 61-122, entitled Standards for Licensing In-Home Care Providers, in-home care providers applying for a license must submit, along with the application, evidence of liability insurance or, in lieu of liability insurance coverage, a surety bond.

The minimum amount of liability insurance coverage is $100,000 per occurrence and $300,000 aggregate. Therefore, a surety bond in lieu of liability insurance must maintained at the equivalent of a minimum of $300,000.

Regulation 61-122 became effective on June 27, 2014, so providers of in-home care services licensed after that date must apply for and receive a license and comply with the regulation. Additionally, Section 103.D.1 of the regulation, states that “the provider shall maintain such coverage for the duration of the license period.”

Information for in-home care providers can be found on the department’s website.

Although the department does not have a specific form for submitting evidence of a surety bond, our experts are familiar with this bond requirement and can get you set up with the South Carolina surety bond you need quickly and easily. To get started, call SuretyBonds.com at 1 (800) 308-4358 between 7 a.m. and 7 p.m. CST Monday through Thursday and between 7 a.m. and 6 p.m. CST on Friday. Or, you can submit an online bond request 24/7, and a member of our team will contact you right away to provide you with your free bond quote.

Delaware clarifies surety bond requirement for preneed funeral contracts

 

 

 

 

 

 

 

 

The Delaware State Bank Commissioner has revised the existing regulations for preneed funeral contracts. Previous regulations required a surety bond or an irrevocable letter of credit to secure the funds held in a trust fund for preneed funeral contracts. The amount of the bond is based on the amount of funds held in the trust fund and ranges from $50,000 to $200,000.

The revised regulations clarify that the maximum bond amount is $200,000. The revised regulations also make a technical change to the requirement for the bond to be reviewed on an annual basis by eliminating the specified date on which the review must take place.

Effective August 11, 2014, “Each licensee shall file with the State Bank Commissioner (the “Commissioner”) an original corporate surety bond or an irrevocable letter of credit in a form satisfactory to the Commissioner in accordance with
5 Del.C. §3411. The minimum amount of the surety bond or irrevocable letter of credit is based on the factors identified in that section.”

“Each licensee shall obtain a surety bond or irrevocable letter of credit based upon the maximum dollar value of the trust funds it held as a trustee during the twelve month period ending October 31 that precedes the calendar year for which the bond or irrevocable letter of credit is effective. A licensee who obtains a surety bond that is effective for more than one year or an irrevocable letter of credit shall annually review the amount of the surety bond or letter of credit, to ensure that the minimum required amount is maintained. The minimum required amount of the surety bond or irrevocable letter of credit shall be maintained according to the following”:

  • $50,000 surety bond or irrevocable letter of credit required for licensees who hold a maximum of $50,000 in dollar value of trust funds
  • $75,000 surety bond or irrevocable letter of credit required for licensees who hold $50,001-75,000 in dollar value of trust funds
  • $100,000 surety bond or irrevocable letter of credit required for licensees who hold $75,0001-100,000 in dollar value of trust funds
  • $125,000 surety bond or irrevocable letter of credit required for licensees who hold $100,001-125,000 in dollar value of trust funds
  • $150,000 surety bond or irrevocable letter of credit required for licensees who hold $125,000-175,000 in dollar value of trust funds
  • $175,000 surety bond or irrevocable letter of credit required for licensees who hold $150,001-175,000 in dollar value of trust funds
  • $200,000 surety bond or irrevocable letter of credit required for licensees who hold a minimum of $175,001 in dollar value of trust funds

“Subject to the $200,000 cap, the Commissioner may require a licensee to obtain a larger surety bond or irrevocable letter of credit based upon the licensee’s individual circumstances.”

By posting a Delaware preneed funeral contracts surety bond, principals (licensees) pledge to faithfully comply with all provisions of Chapter 34, Title 5 of the Delaware code and all regulations adopted thereunder. If the principal fails to comply with these terms, the bond protects the state from financial loss that occurs as a result of the licensee’s wrongful acts, fraud, default or misrepresentation while on the job up to the full penal sum of the bond. The principal will reimburse the surety for damages paid out. Although these bonds are continuous in nature, licenses expire annually on December 31.

Visit the State of Delaware’s Office of the State Bank Commissioner’s website to access the surety bond form and for more information about this bond requirement.

The SuretyBonds.com experts are familiar with this surety bond requirement and are on call to answer your questions and to help you purchase the surety bond you need quickly and easily. Give us a call at 1 (800) 308-4358 between the hours of 7 a.m. and 7 p.m. CST Monday through Thursday or between 7 a.m. and 6 p.m. CST on Friday. Or, submit an online bond request, and one of our experts will contact you right away