Don't leave any aspect of your financial well-being to chance; protect yourself with the right insurance coverage for all your needs.
Surety Bonds
Get the peace of mind you need to build your business with confidence - surety bonds are the foundation of success.
What are Surety Bonds? A surety bond is a legally binding agreement between three parties
The principal (the party who needs the bond).
The obligee (the party requiring the bond).
The surety (the party providing the bond).
Why Do You Need Surety Bonds? Surety bonds can provide a range of benefits to businesses and individuals, including
Meeting Contractual Requirements
Many contracts require the parties involved to obtain a surety bond as a condition of the agreement.
Risk Management
Surety bonds can protect against financial loss in the event of contract breaches or non-performance by the principal.
Improved Credibility
By obtaining a surety bond, businesses and individuals can demonstrate their commitment to fulfilling contractual obligations and provide assurance to clients and partners.
A contractor might start a project but fail to complete it due to some reasons.
Solution
Surety bonds can be taken to guarantee that an insurance company will reimburse your client when your business fails to complete a project or fulfill a contract.
License/permit requirements coverage
Risk Factors
You may need a valid license or permit to apply for a particular project which can only be taken you get your license.
Solution
If you have surety bonds, you can get your license/permit on its security.
Failure to meet standards/regulations coverage
Risk Factors
A contractor might get booked for not meeting the standards of his work as promised.
Solution
Surety bonds can be taken to guarantee that an insurance company will reimburse your client when your business fails to meet its standards.
Employee theft coverage
Risk Factors
You may suffer a loss if any of your workers/employees steal anything on the construction site.
Solution
Surety bonds can be taken to reimburse the loss when your employee does something like this while at work.
Material Cost escalation Coverage
Risk Factors
There can be a possibility that you gave a quotation for a construction project, but the material prices increased due to changes in the economy.
Solution
This protects the policyholder from any significant increases in the cost of materials and services during the project. If unforeseen economic changes lead to a drastic change in price for certain materials, this policy extension covers that cost.
