Many people think that surety bond is a kind of business insurance when in reality they are not the same thing. A surety bond is an agreement or promise by a surety or guarantor to pay a certain amount if a second party fails to meet some obligation, such as fulfilling the terms of the contract.
If you are a contractor, organization or employer, such as a car dealer or construction company, you may be required to get a surety business bond. It is beneficial for both sides. For contractors, surety bonds are a way to display financial strength and stability. For clients, it is a piece of mind letting them rest assured the job will be done even if the contractor fails to fulfill the agreement.
It is a good idea to contact an insurance agent to advise you on surety bonds and get you a great deal. The agent will evaluate your options and help you get the best coverage for your situation.
No matter if a project owner requires that you get a surety bond or you would like to get it to show your financial strength, Safeline will be happy to help you with that. We work with many surety providers and insurance carriers. Also, we will compare their offers to get the most affordable one for you.
If you are looking to start a new project and want to get the right bond for it, contact us. One of our friendly agents will be happy to assist you!