How To Know if a Surety Bond is Right for You
Depending on the industry or company-type of your business, surety bonds may be a requirement. Especially if you are getting a construction license, bidding on a public works project, or part of a specific industry like tobacco or alcohol. Your company may also want to get a surety bond in order to minimize an obligee’s risk.
Any type of company wanting to minimize risk, ensure compliance and completion of a project, or do business with a new partner may want to invest in a surety bond. If your company is in any of the following, a surety bond may be right for your business.
- Construction & other businesses with government issues licenses
- Construction companies with government projects about $100K
- General Contracts who are bidding on new projects
- Businesses in high-risk or high-tax sectors, like alcohol and tobacco
- Businesses that need to ensure customer property
- Companies that want to protect themselves against employee theft
- Companies that expect to face litigation in the future
When to Get a Surety Bond
Surety bonds are either required or willingly taken out by a principal in order to reduce the risk of an obligee. While it isn’t always required, we highly recommend that a surety bond be taken out prior to the initiation of a contract.
There are certain qualifications for certain surety bonds, so contact us today to get started. We can guarantee that we will give you the right protection for the best price. As one of Florida’s top commercial insurance agencies, we have years of experience and take the time to understand the needs of your business in order to give you the right protection. Contact us today! We promise that you will be satisfied with the coverage we give.