Bond Insurance is a specific type of insurance that many small businesses need or may be required to carry especially doing business with large entities.
Who Needs Bond Insurance?
Vendors are often preferred or required to carry bond insurance or “be bonded” before they can bid work or provide services. Some contractors are required to have bond insurance even before they can obtain a license. In the construction industry a License Bond, Permit Bond or Performance bond are typically mandatory.
If not required, it could be an inexpensive way to differentiate your service from the competition and it protects the client if something should go wrong.
Cleaning companies that may have access to personal goods or valuables are good candidates for bond insurance products as are construction contractors, notaries, car dealers and collection agencies to name a few.
There are tens of thousands of different kinds of bond insurance products such as surety and fidelity bonds, but we work with you to recommend the best solutions. And with our independent agent status, we have the freedom to shop the market to always find you the best price for the types of policy you need.