Florida Home Medical Equipment Provider Bond

Providers of home medical equipment in Florida have to be licensed with the Agency for Health Care Administration. That’s how you can legally sell and rent this equipment, as well as provide delivery, setup and maintenance. Getting bonded is a part of the licensing process.

The bond serves as an extra layer of guarantee for your legal compliance. It’s there to protect your customers, as well as the licensing bodies who have granted you the right to operate in the state.

Florida home medical equipment providers have to post a $50,000 bond. This bond amount is different from your bond premium. You only have to pay a fraction of it to get bonded, typically 1%-3% of the bond amount. This means your bond price can be as low as $500-$1,500.

To get bonded, you need to apply with a surety. The surety has to take a close look at your personal and business finances to assess the bonding risk. The surety considers your personal credit score, business finances, as well as assets and liquidity and professional experience. If your overall profile is stable, you’re likely to get a lower bond price.

You can consult our surety bond cost page for further details about the way your bond price is determined.

If you’re struggling with problematic finances, you can still get the bond you need with us. Lance Surety Bonds operates its Bad Credit Surety Bonds program to provide bonding options for home medical equipment providers with low credit scores, tax liens, bankruptcies, or civil judgements.

Since the risk of bad credit bonding is higher, the bonding premiums are between 5% and 10%. We foster close relationships with a number of A-rated, T-listed surety companies, which means we can shop around for the best rate for your circumstances.

Ready to get your Florida home medical equipment provider bond? You can apply onlinetoday for a free quote. To get your exact price, just complete the full application and attach all your paperwork.

For more details about the bonding process, make sure to check our How to Get Bonded page.

We’re always here to help. If you have any questions, don’t hesitate to call us at (877) 514-5146. Lance Surety Bonds’ experts will be happy to assist you.

A surety bond is not an insurance policy. The goal of surety bonds is to protect your customers, rather than your company. If you fail to follow the law, you can face a claim on your bond.

If the case against you is proven, you have to reimburse the affected parties. At first, it’s your surety that takes care of the expenses to ensure that claimants get quick compensation. However, you have to repay it fully afterwards. This means that bond claims can harm your company financially. They can also prevent you from getting bonded in the future.