OK just for us Aussies, What do you mean by a bond.A BOND is not insurance. You need a business insurance policy in case you break something.
i totally agree with you .That is a ridiculous amount of insurance for carpet cleaning. Even if I totally destroyed a high end carpet plus all the woodwork underneath and broke every vase in the place in a luxury mansion I would not need 10 mill to fix it. Regardless, at least 1 mill should be on your company to cover anything big. Never use your insurance to pay for small stuff like if you ruined a couch. The liability is for a major incident.
There are many types of bonds. Contractors in some areas must have a performance bond. This covers the client inc ase a contractor takes money and then skips out before the work is done. Really not needed for carpet cleaning.