Bonds
Many businesses find that they need to be bonded to bid on certain contracts or to perform certain services. Businesses may also like to use the fact that they are bonded to advertise their business. Bonding is a type of insurance product that protects the client.
What Is A Surety Bond?
A surety bond is an insurance policy that protects your client. This policy covers the contract between you and your client for services. The surety bond provides your client with a legal remedy if you do not perform the work you were contracted to complete.
If you are unable to finish a job or uphold your part of the contract, your client can seek financial damages from the surety bond. This gives your client protection as well as your company.
What Type Of Bond Should I Purchase?
There are different bonds available for your business. If you need a bond for a specific contract, you can get a surety bond to cover just that job. If you want to advertise that your company is bonded, you can purchase a bond policy that covers your company at all times.
If you are going to advertise yourself as a bonded company, you should purchase a bond amount that is high enough to cover your ongoing jobs at any time. For instance, if your company works on five jobs per month, you want to ensure that the bond is high enough to cover all five jobs.
As an independent driver, you will want to ensure that your bond is high enough to cover the value of the cargo you move. Drivers usually only carry bonds when they are moving high-value loads. Make sure that your bond is enough to cover that load, so your business is not harmed in the event of a failure to complete the shipment.
You May Be Required To Have A Bond
Some professions must have a surety bond in place to receive their professional license. Some municipalities may also require that some professions have a surety bond before conducting business in their area.
For example, if you are a Notary Public, you must always carry a surety bond to protect your clients. It is important that you check with your state licensing board or business licensing center to find out if you are required to be bonded to conduct business.
Truckers Insured Can Help You Find The Right Surety Bonds
If you are required to be bonded to operate your business, or if you would like to offer this protection to your clients as one of the benefits of working with your company, Truckers Insured can help.
We work with several companies that offer surety bonds. Truckers Insured can help you find the right policy for your business.
In addition to offering surety bonds, Truckers Insured offers a full line of business insurance products. We also provide personal insurance and trucking-industry insurance policies. If you are looking for employee benefits insurance products, we can put together a great package for your company.
Contact Truckers Insured for all of your insurance needs. We strive to provide great insurance products at affordable prices.