Insurance Bonds
If you need an insurance bond to bid on or get hired for a new job call us. We're insurance bond experts and we'll get it taken care of you... Fast!
What is an Insurance Bond?
An insurance bond ensures contract completion in the event of contractor default and are typically required by project owners when hiring contractors to protect themselves against financial loss if the contractor fails to fulfill their contractual obligations.
The contractor obtains the bond to ensure that, if they default, the insurance company will compensate the project owner for any resulting losses.
Typical Insurance Bond Types
While there are many types of insurance bonds, business owners most often need these four:
- Bid Bond:
Guarantees that a contractor who wins a bid will enter into the contract and provide the necessary payment and performance bonds.
- Payment Bond:
Ensures suppliers and subcontractors receive payment for work completed under the contract.
- Performance Bond:
Guarantees the contractor will complete the project according to the contract terms and conditions.
- Ancillary Bond:
Covers additional contract requirements that are important but not directly related to project performance.
Contact us to learn more about the right insurance bond for you.
Get a quote for an insurance bond