Securing bond coverage may be an effective part of your business strategy. It may help attract and retain clients, and in some cases, being bonded may be required. The professionals at Sameday Insurance Services are ready to discuss bonds and answer any questions you may have. Contact us today for more information.
What Is a Surety Bond?
A surety bond is a three-party contract that includes:
A surety bond may protect a client’s interests by providing reimbursements if a business fails to fulfill its obligations. For instance, if a bonded business does not finish a project as contracted, the surety company may provide funds for the client to hire someone else to complete the work. The surety company would then look for reimbursement for those expenses from the bonded business.
What Are the Benefits to Being Bonded?
Having bond coverage may help attract and retail clients. Some projects require it before work can even begin. Additionally, customers often feel more comfortable hiring a bonded business since their interests may be financially protected.
What Are Different Types of Surety Bonds?
There are many types of surety bonds, including:
Bid bonds—A bid bond providesassurances that a contractor will complete the job at the price quoted.
Performance bonds—This type of bond provides assurances that the contractor will meet the obligations outlined in the contract.
Payment bonds—A payment bondprovides assurances that the contractor will pay subcontractors and suppliers.
Several other types of surety bonds may be available. Contact the professionals at Sameday Insurance Services to discuss the different options.
What Do Surety Bonds Cost?
The price of a surety bond depends on various factors including the type of bond, the risk of loss, and the amount of coverage.
The agents at Sameday Insurance Services can review the costs of bonds and provide additional details regarding their application. Call us today at 888-750-9775 to speak with our team and find the right coverage for your business.