Bonds Insurance - Flat Lick, KY
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Why Do I Need Surety Bonds in My Business?
All businesses need insurance because of the protection it can provide them. However, they also have a duty to promise their customers that they will do their jobs appropriately. One of the critical pieces of assurance that guarantees that you will provide this coverage (or else, pay up) is a surety bond....
Should I Carry a Surety Bond as a Small Business Owner
Surety bonds are essential for small business owners who work on a contract that requires a performance guarantee (e.g. the delivery of goods or services). Take some time to learn about these third-party promises to pay and how they may help you gain more business. The Purpose of a Surety Bond ...
How Long Does a Surety Bond Last?
A surety bond is an obligation that guarantees a certain contract will be fulfilled as promised. You may be asked to purchase a surety bond if you’re performing a government job or construction work. Before purchasing a surety bond, it’s important to understand the structure of the agreement and what boundaries you must operate within....
Do You Need Surety Bonds?
If your business deals in contracts, then clients expect you to do your work correctly. If you fail to do so, then you might have to pay for the client’s losses. Sometimes, your commercial liability insurance can help you do so. However, in other cases, you will have to compensate the clients according to the terms of surety bonds....
How to File a Bond Claim
There are three parties involved in a surety bond. If one of them needs to make a claim on the bond, the other two have an obligation to respond. How does this process work? Who pays who? The surety claims process works much like an insurance claim. However, there are key differences as well....
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