What does it mean when a company is licensed, bonded, and insured?

Anser taken from Siding4u.com:
Excerpt re-posting permission from my site: http://www.siding4u.com/
Answer Location: http://www.siding4u.com/selecting_a_quality_siding_company.htm

Page excerpt:

LICENSED - says a company is registered to perform certain types of work and only those types of work; for example, siding - wood & other, window installation, etc. A license also gives you a reference # that must be included on ALL advertising. You as a consumer can check up on a contractor's license # to see if they are current, legal, or have complaints against them and all sorts of great information. [ depending on your state ]

BONDED - A bonded company has secured funds (controlled by the state) that are available for consumer's claims against the company. This money is directly available to you for various reasons as controlled by a state agency. [ depending on your state ]

INSURED - If the unspeakable happens, it's important that the contractor or company has insurance. In some cases, such as an injury: you as a home owner could be held liable - if the company has no insurance. [ depending on your state ]

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