Vehicle Security License Help
My shop currently has a VSP license the owner has it under the business, I want to apply for myself under his account as sub-account. My confusion is on the application it states additional 100k bond per employee. Then it also states if you are going to have 1-3 sub accounts then it is more cost effective to register them as primary accounts
Has anyone gone through this process can you have 2 primary accounts under one business with different VSP ID? Any help is appreciated.
In the VSP program if the owner or another principal in the business is a Primary account they can have subordinate accounts. The fundamental difference is that the primary is responsible for their actions and their application in SDRM 2. We require either a $100K bond to cover a sub against employee dishonesty or a similar rider on the shops overall policy. This is because general liability has proven to not cover in these situations. For many it winds up being less expensive if there will be only a couple of VSPs in the business on the same property to make both Primary accounts. The math is pretty easy. $200 per year for the Primary VSP. $100 for the sub. Most $100K bonds run around $500 a year on up. Over the 2 year credential period $800 for two primaries against 1600 for one primary, one sub and 2 years of bond coverage. Once you start getting to where there are multiple subs the economy of scale kicks in.
The only thing I recommend is that you talk with your insurance company and make sure they would cover a key employee if anything were to happen. Please let me know if you have any further questions right here and I will answer them.