Surety Bonds – What are they?
A Surety Bond resembles insurance since it is a mutual agreement between yourself and a third-party that may include a guarantee that the third-party can complete an agreement/contract that was previously agreed upon. Surety Bonds are put into place to hold third parties accountable to make sure they complete their side of an agreement. They also make sure that you will not have a financial burden if the third-party does not deliver.
If you are looking for a great way to measure the risk-management of employee malfeasance, deception or theft, then Surety Bonds can be a great asset to use. They are a great way to minimize the risk of a contract and make sure all your liabilities are covered in the event that an agreement is broken.
Are there different types of Surety Bonds?
There are a plethora of different Surety Bonds available on the market and all are used for different industries. Typically though, they are common bonds you have heard of such as fidelity, notary, federal, judicial, fiduciary, license, permit, contracting and public bonds. Bonds have a wide range of purposes, but the basis of what they do is the same.
Who are Surety Bonds for?
It is very common that most people will purchase a bond at some point in their life. Typically though, a Surety Bond are for these individuals:
• Business Owners
Hockley & O’Donnell Insurance Agency can help you find the best Surety Bond for your specific needs. We will make sure that the Surety Bond you choose is one that offers great rates and through an agency that is reputable to purchase from. All of our insurance specialists are trained and knowledgeable in Surety Bonds and are waiting to hear from you. Contact us today to get started!