We Can Help Your Business With All Types of Surety Bonds
Generally, a surety bond is a “guarantee” obtained by a contractor to provide assurance to a project owner or client that the terms of the contract will be fulfilled in the event of a default by the original contractor.
Fulfillment can be achieved by the surety company with the acquisition of a new contractor to complete the project, or compensation for financial losses incurred by the project owner. There are four primary types of surety bonds:
- Bid Bond: Guarantees that the bidder will enter the contract, provide payment, and secure performance bonds if awarded the contract.
- Payment Bond: Provides assurance that vendors, subcontractors, and suppliers will be paid for services provided to meet contract terms.
- Performance Bond: Ensures that the terms and conditions of the contract will be adhered to in the completion of the contract.
- Ancillary Bond: Guarantees that requirements critical to the contract, but not performance-related, are fulfilled.
Our fantastic team of professional agents here at Schumacher Insurance Group can help your business with all types of surety bonds and other business insurance needs. We work with a large selection of major national insurance carriers, which allows us to utilize a variety of resources when locating policy options that are best suited to your requirements. Contact us today to find out how we can help your business get surety bonds and insurance coverage that meets your needs without breaking the bank!