Surety bonding helps protect you from unfulfilled contractor obligations.

If you’re in an industry that offers or uses contract services, you’ve likely heard of a specific type of contractual agreement called surety bonding. This type of agreement is designed to help ensure that the duties or obligations agreed upon in a contract are fulfilled or provide financial security in case a contractor fails to provide the agreed-upon service. At Legacy Insurance Partners, we have plenty of experience with surety bonding, and our skilled team is ready to help you navigate this essential aspect of using contract services.

There are three parties involved in surety bonding. The principal is the party that will fulfill the contract or obligation, such as a construction company. The obligee is the party hiring the contractor, and they are the beneficiary of the surety bond. The final party is the surety, which is a third party, like our team, which issues the surety bond and guarantees the principal will perform the contract or provides financial compensation if the principal fails to meet their obligation.

The type of surety bond you’ll need for a specific situation will depend on a number of factors, but our team can help you make sure you have the right bond and coverage to protect your interests. Surety bonding is an excellent way for you to make sure you are protected throughout a project and that the end results are what you agreed upon in your specific contract.

If you’d like to know more about surety bonding, reach out to our team at Childress Insurance, a Legacy partner, in Albemarle, North Carolina.

With surety bonding representatives serving the communities of Asheville, Davidson, Greensboro, Hickory, North Wilkesboro, Albemarle, and Raleigh, North Carolina, our team at Legacy Insurance Partners is available to partner as your trusted business insurance advisor utilizing a consultative approach.