Bonding
Bonding is often confused with insurance—bonds are financial instruments that guarantee required performance of some kind. A lot of the times government regulation requires that they be in place. Sometimes consumers—personal, business or governmental entity—demand them.
Bonding helps ensure that your business does what it’s supposed to do and that the entity you’re doing it for doesn’t bear any financial harm based on you or your employee’s actions or failure to perform. The bonding company, also known as a surety, ensures your payment by requiring security or collateral if a claim is made against you.
General contractors and businesses with government contracts frequently need bonds. Other businesses need bonds, as well - these include temporary staffing agencies, janitorial firms, and even car dealers. Bonds are sold and backed by a surety company, which guarantees your firm’s performance. It’s a good alternative to using a business line of credit because it frees up potential capital your business can use to grow.
We can provide the following types of bonds - bid, indemnity, payment, and license.
