Surety Bond Insurance
What is a Surety Bond?
A surety bond is a different way to mitigate risk for your business. Unlike insurance, surety bonds are a three-party agreement between the insurance company, the principal (contractor/person purchasing the bond), and the obligee (client/project owner). The insurance company promises to pay the obligee if the principal fails on their contract. The principal then must repay the insurance company.
Do I Need a Surety Bond for My Business?
Surety bonds can be a great tool for contractors to gain new clients as they face less risk than by working with a contractor without a surety bond. More than being a more attractive business, surety bonds are required for a wide array of businesses such as auto dealerships, investment advisors, and licensed contractors.
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