What Is a Florida Home Medical Equipment Provider Bond?
If you want to operate as a provider of home medical equipment in Florida, you need to be licensed with the Florida Agency for Health Care Administration. One of the main licensing requirements is to obtain a Florida home medical equipment provider bond.
The goal of this type of license bond is to ensure that home medical equipment providers will follow all relevant Florida statutes. These include Chapter 400, Part VII, F.S., Home Medical Equipment Providers and Chapter 408, Part II, F. S., Health Care Licensing: General Provisions. In case the provider fails to abide by applicable rules, an affected party can make a claim on the bond to receive compensation.
The Florida home medical equipment provider bond works much like other Florida surety bonds do. It’s a contractual agreement between three entities. Your home medical equipment company is the principal. The obligee is the Agency for Health Care Administration. The surety is the third party that bonds your business.
Frequently Asked Questions
- Who needs to obtain a Florida home medical equipment provider bond?
- How much does a Florida home medical equipment provider bond cost?
- Can I get a Florida home medical equipment provider bond with bad credit?
- How do I get bonded?
- How are bond claims handled for Florida home medical equipment providers?
Who needs to obtain a 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.
How much does a Florida home medical equipment provider bond cost?
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.
|Bond Type||Surety Bond Amount||Credit Sore|
|Above 700||Between 650-699||Between 600-649||Below 599|
|Florida Home Medical Equipment Provider||$50,000||$250-$625||$375-$750||$1,000-$2,500||$2,500-$5,000|
Can I get a Florida home medical equipment provider bond with bad credit?
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.
How do I get bonded?
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.
How are bond claims handled for Florida home medical equipment providers?
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.