Surety & bonds
Contract, license and permit bonds that keep projects and licenses moving. A bond guarantees you'll meet an obligation. It's a promise backed by a surety company, not insurance for your business.
What it generally covers
- Bid, performance and payment bonds for contracts
- License and permit bonds required by states and cities
- Commercial bonds such as fidelity and janitorial bonds
- Court and fiduciary bonds
- Notary bonds
Who usually asks about it
- Contractors bidding public or private work
- Licensed trades and businesses that need a bond to operate
- Service businesses working in clients' homes or offices
- Individuals appointed by a court
Common questions
Is a bond the same as insurance?
No. A bond guarantees you'll meet an obligation. If the surety pays a claim, it generally expects to be repaid.
What do you need for a bond?
It depends on the bond. Small license bonds may need only basic information. Larger contract bonds usually need financial statements and work history.
How fast can a bond be issued?
Many license and permit bonds move quickly. Contract bonds take longer because of underwriting.
General information only. Coverage depends on the policy's terms, conditions and underwriting. A licensed agent can review what fits your situation.