Surety Bond & Fidelity Bond
If you're a contractor that needs a surety bond or fidelity bond, then InsuranceHub can help!
There are many unique risks that come with working in the construction industry for which a bond might be necessary.
We understand contractors and the need to get bonds QUICKLY
When taking on a new project, you likely spend some time assessing the risks that come with the task in front of you.
We also understand that working in the construction industry brings with it a lot of unique risks
That raises the question: what exactly is a surety bond? We understand that there can be a bit of confusion out there when it comes to bonds. Contractors often deal with many different types of bonds. They are a requirement necessary to cover the risks involved in the industry.
First it might be helpful to understand what a bond is NOT
- A bond is NOT a form of insurance. A bond is a financial guarantee or a form of credit
- A bond is a loan made to a company
- A bond is security that can be bought and sold
- A bond is a form of payment in many cases, as it can guarantee payment
A surety bond or contract bond is a guaranty from a Surety to a project's owner (Obligee) that a general contractor (Principle) adheres to what the contract stipulates. Simply put, it means that it is a contract between the project owner and the contractor. A Surety bond assures the project owner that the contract will be completed and the work will be completed as outlined or else the project owner is financially compensated.
Why choose InsuranceHub to help you with your bonds?
Here is the thing about bonds. If you are a contractor, subcontractor or tradesman, bonds are a way to obtain financial security when taking on a project. When it comes time to be awarded a contract, you need to be able to get the bond to be able to close the deal right way.
That means contractors need them fast and they need everything to go nice and easy. That is where we come in. InsuranceHub has been helping contractors with their insurance and bonding since 1985. Our job is to make your life easier by providing you with counseling, insurance, and bonds you need in a timely manner.
Contractors often deal with many different types of bonds
Bid bonds which guaranty that a contractor will enter into a contract if they win the bid
Performance bonds which guaranty that a contractor will perform the work as outline in the contract
Payment bonds which guaranty that a contractor will pay for services, particularly making sure that all of the subcontractors are paid as well as all of the materials
Maintenance bonds which guaranty that a contractor will provide maintenance, repair and upkeep for a specified period of time
Get started with the form below or pick up the phone to talk to one of our professionals at (877) 341-5728