Assure those you do business with that you will follow through on contracts.
A surety bond includes three parties: the surety company, the owner of the contract, and the contractor who will follow through on the contract. There are also three types of surety bonding you can obtain:
- Bid bond—This ensures that the bid submitted to the owner of the contract was done so in good faith. It also assures that the contractor plans on performing the work for the amount of the bid.
- Performance bond—This type of surety bonding protects the owner of the contract from financial loss in case the contractor does not do the work in accordance with the terms and conditions of the contract.
- Payment bond—With a payment bond, this ensures the contractor involved will pay their material suppliers, certain workers, and subcontractors.
The main benefit of surety bonding is that these bonds help you reduce or prevent risk at all points of a project. At Legacy Insurance Partners, we provide surety bonds and can help you secure the right types of bonds for your contracts and projects.
As an insurance broker, we are always focused on minimizing risk for our clients, and we are happy to do the same for you to help you maintain your company’s image, prevent major financial losses, and manage projects in a seamless, reliable way. We have dedicated business insurance experts in all of our three locations in Hickory, North Wilkesboro, or Davidson, North Carolina who can answer any questions about surety bonding and the types of bonds we provide. If you’re seeking expert advice, please contact us today.
With surety bonding representatives serving the communities of Asheville, Davidson, Greensboro, Hickory, North Wilkesboro, and Raleigh, North Carolina, our team at Legacy Insurance Partners is available to partner as your trusted business insurance advisor utilizing a consultative approach.