There are several things to look for when it comes to moving providers, from the types of service they provide to their reputation and qualifications. As a fellow professional in the moving industry, you understand how essential it is to build trust with each of your real estate clients. As part of that trust, it’s important that you only provide the most accurate answers to all of their questions.
Choosing a moving provider is a major decision when it comes to relocation, and knowing who to recommend to your clients when they begin their research can help build your client relationship. One of the most important factors to look for in an expert moving company is insurance, which serves to protect your clients if their property is damaged or lost during the move.
However, you’ve probably also heard the phrase bonded and insured, so what exactly does that mean?
This is one of the most common questions involving moving companies, and it’s essential to have an understanding of what exactly bonded is and what it is not.
To put it simply, a company that is bonded has a 3rd party obligation that promises to pay penalties if they do not hold up their end of the contractual obligations. There are several types of bonds based upon the services and requirements on the company, a few of which include:
· Surety Bond: Protects consumer from financial loss that occurs due to a provider that is unethical or breaks any laws.
· Performance Bond: Ensures that a provider will perform the work outlined in the contract.
· Bid Bond: Used by companies that bid on contracts to guarantee work will be done if the bid is won by your company.
· Indemnity Bond: Guarantees that if work is not performed or vendors and/or subcontractors are not paid, loss incurred will be reimbursed.
See the difference?
Insurance policies protect a consumer against any physical loss of their property or personal injury during relocation, which is one of the top concerns with moving. A bond, on the other hand, only offers reassurance that the terms of your contract will be completed.
When looked at that way, there is limited benefit for the consumer to look high and low for a bonded company instead of one who is just fully insured. In fact, there are some less-than-ethical moving providers that use “bonded” as a catchphrase without actually following through on the claim.
With experience in the industry that dates back to the 1940’s, Booth Movers understands how confusing it can be to navigate the process—for realtors and clients alike! We’re committed to both excellent service and consumer education. Contact us today, and we’d be happy to answer any questions you have to help your clients have a smooth transition to their next home.
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