If you need to guarantee performance in the face of a set of particular risks, look to Fee Insurance Group to help you secure a surety bond. Most commonly, people need surety bonds if they need to get licensed for a professional service, are doing a construction project, are in a court proceeding, or need to protect their business from theft, fraud, and embezzlement from your employees that is not otherwise covered by regular insurance.
> Contract Surety Bonds
If you're in the construction business, the government or an owner of a construction project may require you to obtain a contract surety bond:
Bid bond - Helps afford protection to a project owner (obligee) in the event a successful bidder will not enter a contract and will not provide the required surety bonds or other security
Performance bond - Helps provide protection to the obligee if the contractor defaults on its obligations under the bonded contract
Payment bond - Guarantees that the contractor will pay subcontractor, labor and material bills associated with the construction project.
> Commercial Surety Bonds
Other kinds of bonds that may be required for your business include:
License and permit bonds -- required as a condition for engaging in a particular business or exercising a particular privilege. Examples include performance and payment bonds, customs bonds, tax bonds and warehouse bonds.
Court bonds, including judicial bonds, required of either a plaintiff or defendant in judicial proceedings, to preserve the rights of the opposing litigant or other interested parties
Fiduciary bonds -- required of those who administer a trust under court supervision.
Public official bonds -- required by statute for certain holders of public office, to protect the public from malfeasance by an official or from an official's failure to faithfully perform duties.