What is a bonded caregiver?
Any individual who provides in-home care and has purchased a Home Health Care Surety bond is a bonded caregiver. The home health agency bond ensures the caregiver will perform their duties in accordance with all applicable regulations and inspires confidence in potential and current clients.
Who is required to have a Home Health Care Surety Bond?
Home Health Care Surety Bonds, or Home Health Agency Surety Bonds, are required for individuals and businesses that offer in-home care for their clients, including nurses, nurse practitioners and other home-based health care providers.
What is a Home Health Care Surety Bond?
These surety bonds protect individuals who require home health care against malicious and unethical treatment by their appointed caregivers. When a business or individual obtains a Home Health Care Surety Bond, they are guaranteeing their clients receive the agreed upon services and performance, in accordance with all applicable regulations, as well as protection against any unlawful behavior or malicious care. If the principal (caregiver) does not comply with the terms of the bond, a claim can be filed. If the claim is validated, the surety will pay out up to the penal sum of the bond to resolve the claim.
Once a claim has been resolved, all monies paid out by the surety must be reimbursed by the principal, including any attorney’s fees incurred by the surety in the defense of the claim.
Which states require agencies to have a Home Health Care Surety Bond?
Pacific Surety proudly offers Home Health Care Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Home Health Care Bonds?
Amounts for Home Health Care Surety Bonds vary and are set by the local rules and statutes regulating the industry. Therefore, bond amounts and requirements will fluctuate from bond to bond. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Home Health Care Surety Bond cost?
Pricing for Home Health Care Surety Bonds varies, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Home Health Care Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Home Health Care Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Home Health Care Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond.
Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How are Home Health Care Bonds purchased?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
How are claims handled for Home Health Care Bonds?
Unlike insurance, which protects your business, Home Health Care Surety Bonds protect your clients. If an individual is harmed due to the principal’s activities or any violation of the governing laws, the harmed party can file a claim with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.