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Surety Bonds Business

Surety bonds are legally binding contracts that ensure obligations will be met between parties.

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  • Contractors working on government projects
  • Contractors complying with requests from government entities



  • Policy limit varies on the need for the bond and what the insurance company is willing to provide.
  • It will protect you should someone claim you did not meet your obligations on a project

Cost Factors

  • Character
  • Credit
  • Collateral
  • Can have a co-signer

Claim Examples

  • A party alleges you haven’t fulfilled your contract.
  • The bond company expects you to fulfill your contract
  • If the bond company finds you have not, it will remind you of your obligation
  • It may pay if you do not fulfill your contract
  • The bond company will expect you to pay them back

Surety bonds are legally binding contracts that ensure obligations will be met between three parties:

Surety bonds provide financial guarantees that contracts and other business deals will be completed according to mutual terms. Surety bonds protect consumers and government entities from fraud and malpractice. When a principal breaks a bond’s terms, the harmed party can make a claim on the bond to recover losses.  A surety bond is not an insurance policy.

Surety bonds help small businesses win contracts by providing the customer with a guarantee that the work will be completed. Many public and private contracts require surety bonds.

There are several types of surety bonds including, bid bonds, payment bonds, performance bonds and maintenance bonds.

What should I look for in a Surety Bond?

There are many types of bonds. Talk with an expert agent to make sure you get the right type of bond to meet your contractual obligations.