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Since I am a new DMM with no other employees I am having no luck being able to secure a Bond. I am being told if I had employees I can get a bond to coverage employee dishonesty. Also I am being told if I act in a fidicuary capacity, Trustee, POA that each case could be bonded on individual basis. Is this how everyone else operates that simply provides basic DMM services (just E&O or basic liability) I know I may be getting hung up here but I just think being Fully Insured and Bonded gives the client peace of mind when considering DMM services.
Insurance speakers at AADMM conferences and other sources have assured us that bonding is unnecessary unless you have employees. I have E&O and basic liability and am only bonded for two clients where I’m the court-appointed fiduciary. This question comes up a lot, and the answer is always that it serves no purpose to be bonded. Some DMMs have gone ahead and spent money for some sort of bond but my understanding is that the only purpose of that is to be able to tell clients that you’re bonded. I’ve told those clients who’ve asked that it has no purpose and that I carry all the logical insurances, and no one has ever questioned that.
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