Surety Bonds – What are they?
Similar to insurance, surety bonds are agreements made with a third-party that can guarantee to a business owner that the third-party is able to complete a contract that is agreed to. Surety Bonds will help assure that an agreement is fulfilled and the business will not receive a financial decrease because of the third-party.
Surety Bonds are also a great way to measure risk-management of employee larceny, malfeasance or fraud. Utilizing Surety Bonds can minimize risk when it comes to contracts and maximize liability coverage in case an agreement falls through and is not fulfilled.
What type of Surety Bonds is there?
There are a wide variety of surety bonds that are available for purchase. The types of bonds that are available to purchase are notary bonds, fidelity bonds, judicial bonds, federal bonds, fiduciary bonds, permit bonds, license bonds, contracted bids based on performance and bids and public official bonds.
Who should purchase Surety Bonds?
There are several individuals that should purchase surety bonds. It is common for these organizations and individuals to purchase them:
- Business Owners
If you are interested in finding out more information about Surety Bonds, give Miller Carlisle Insurance Services a call and we will connect you with trained Surety Bonds representatives that can walk you through the purchasing process. All of our representatives understand exactly the types of bonds that are appropriate for each individual and whether or not they are right for you.