Surety Bonds

Smarter Surety Bonds

Save up to 35% on your surety bonds insurance

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In the course of business, it is not uncommon to make promises and guarantees. A builder may guarantee to finish a project on time, or complete a service at a certain cost. A third-party contractor may guarantee that their team can be trusted entering a premises. These guarantees are important, but they need an additional level of protection beyond just a good word. That additional protection comes in the form of a surety bond.

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What are Surety Bonds for Businesses?

Surety bonds do not function quite like traditional insurance, but are actually a 3-way contract. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). There are numerous types of surety bonds available, but the most common types to insure are for construction projects, and for cleaning corporations that bond their staff when working on a third-party work site. Remember, surety bonds don’t work like traditional insurance. The surety company does not expect to have any claims if they underwrite the policy properly so they do expect to be repaid for any guarantee they’ll have to pay on a principal's behalf.

Who Needs Surety Bonds?

Surety bonds are usually recommended for contractors and businesses in the construction industry and in the cleaning industry. They may be contractually required based on the agreement between a business and its client, but may be beneficial for a project even if not required.

Examples of Surety Bonds Insurance Claims

Out of business

Bonds to protect against employee theft

Surety bonds is different from typical insurance

New construction company hired for the job

A construction company was contracted to complete a building job; unfortunately though, they went out of business before they could complete it. Thankfully, since there was a bond in place, the surety company helped hire a new construction company to finish the project.

Frequently Asked Questions

Why Should You Get Surety Bonds?

What Can Affect the Price of Surety Bonds Business Insurance?

When Should Businesses Purchase Surety Bonds?

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