SURETY BONDS & FIDELITY BONDS
What is A Surety Bond?
A surety bond guarantees the faithful performance of an obligation. A notary bond, a contractor’s license bond, a performance & payment bond are several examples of a surety bond. Unlike insurance, the surety bond will pay up to the limit of coverage but will then seek reimbursement from the bond principal in the event of a claim.
Do I Need A Surety Bond for My Business?
If your business has a license that a government authority (State, City or County) requires bonding you’ll need a surety bond. If you are a contractor bidding on large construction projects, the owner of the project may require a contract bond to guarantee the timely performance of the contract.
Different Types of Surety Bonds
- License Bonds
- Notary Bonds
- Motor Vehicle Bonds
- Auto Dealer Bonds
- Bid Bonds
- Performance Bonds
- Much more!
If you think that you need a surety bond or aren’t sure if your business is the type that needs one, we can help! Contact one of our surety bond experts at Van Leer & Edwards today and we’ll do a risk assessment of your business to determine what your needs are.
What is A Fidelity Bond?
Fidelity bond coverage provides employee dishonesty and crime coverage for the insured or for the place where your employees perform work on a client’s premises. A good example would be a janitorial or cleaning business. It protects your business in the event of an employee theft. The bond company will work to recover any payments from the guilty employee.
Do I Need A Fidelity Bond for My Business?
Fidelity bonds are a good idea for any type of business whose employees are involved with taking payments, working on your client’s premises, or has access to your company’s financial data.
Different Types of Fidelity Bonds
- Form 24 Bond for financial institutions, including fraud and wire transfer
- Employee dishonesty
- Crime coverage for money & securities on and off premises
Let the team at Van Leer & Edwards help figure out if your business is in need of a fidelity bond and get you a fast, affordable quote today.