Learn About Surety Bonds
Do you know how surety bonds work?
Did you know bonds do not protect you and a claim could result in you being required to pay the full bond amount? If not, let us educate you on what you're getting into.
- What is a surety bond?
It is a guarantee. What the surety bond guarantees varies depending on the bond type as there are hundreds of bonds for many different occupations. They are sometimes referred to as a "security bond", which is an incorrect name.
For more details, watch our video that answers the question, "what are surety bonds?"
- What is the process to get a surety bond?
First, you need to apply online where you can get an instant approval. Once you're approved, you will need to sign the indemnity agreement, send payment and we will ship the bond to you.
Check out our video to learn more about the surety bond process.
- How do I know if I need a bond?
With surety bonds, the obligee (the entity requiring the bond) will determine whether a bond is required. Bond requirements vary greatly by obligee and occupation.
Fidelity bond insurance is generally optional to obtain. Check out our guide to see if you need insurance or a surety bond.
- What good is a bond if I have to pay for claims?
A bond is a form of credit to you, not insurance. When a surety extends credit to you with a bond, they are vouching that you will abide by the terms of the bond. If you don't, you are responsible for any claims triggered as a result of your failure to abide by the bond terms.
Watch our video to learn more about bond claims.
- How much does a surety bond cost?
Surety rates do not mean everything
Opening a business? Do you really need a bond?
You've been notified about a claim...now what?