We know accidents happen we are here to make sure you are covered if it happens.
In some industries, clients may require surety bonds before they agree to work with your business. Surety bonds protect the client because it guarantees that your business will honestly and faithfully perform all of its duties and comply with the law. If there’s an issue, the client can file a claim with the surety to cover the costs to fix the problem. If this happens, the surety will require reimbursement from your business.
A “bonded” small business means it purchased a surety bond. When it comes to bonds, there are three parties involved:
Bonds guarantee a business will complete the work as agreed upon in a contract. Bonds cover against incomplete work. So, if a company doesn’t act honestly or perform as defined in a contract or court document, the client can file a claim with the surety. Businesses may get bonds because it:
There are four categories of license and permit bonds:
There are a few different scenarios when small businesses need bonds. This can include:
Companies may need a business license and permit bonds, such as:
Other types of businesses that may need a bond include:
If you have any further questions you can give us a call, and if you are ready to quote click on the button below.