Bond Insurance Quotes & Information
Entrepreneur defines Bonding as “a guarantee of performance required either by law or consumer demand.” Bonds are not insurance in the conventional sense, but more like a safeguard to ensure the bonded project or service is completed as promised.
What is a Surety Bond?
There are two primary types of Surety Bonds: Contract and Commercial. A Contract Bond, sometimes called a Construction Bond, ensures the completion of a contract in the event of a contractor default. A Commercial Bond, also referred to as a “Non-Contract Bond,” includes License and Permit Bonds and Court Bonds.
Benefits to Being Bonded
Sometimes things just don’t work out as planned. Without proper foresight, bad weather, shady employees, or a surge of teenage vandalism can put a black mark on your business’s good name. Being bonded certifies completion of the project or service as specified and protects your client’s interests Disaster averted; reputation intact.
We handle both contract and commercial bonds and can get your business bonded quickly and hassle-free.
A Liveoak agent can help you acquire:
Bid Bonds: a type of contract bond that ensures the bidder on a contract will enter into the contract and furnish the required payment and performance bonds if awarded the contract.
Payment Bonds: a type of contract bond that ensures suppliers and subcontractors are paid for work performed under the contract.
Performance Bond: a type of contract bond that ensures the contract will be completed in accordance with the terms and conditions of the contract.
Maintenance Bonds: a type of contract bond that guarantees any maintenance issues, e.g., design defects, faulty workmanship, etc., will be solved by the contractor
License and Permit Bonds: business owners in certain industries must purchase these bonds before they can be legally licensed to do business.
Don’t see what you need? Contact Liveoak Agency, Inc. for information on other bonding options and prices.