If you need an insurance bond to bid on or secure a new job, call us. We’re experts in insurance bonds and will get it taken care of for you… Fast! Get a quote today!
What is an Insurance Bond?
An insurance bond guarantees contract completion in the event of contractor default. They are typically required by project owners when selecting a contractor to fulfill a contract. By obtaining a bond, the contractor ensures that the insurance company is obligated to compensate the project owner for any financial loss incurred if the work is not completed.
Typical Insurance Bond Types
While there are various types of insurance bonds, here are the four most common types needed by business owners:
| Bond Type | Description |
|---|---|
| Bid Bond | Ensures that the bidder will enter into the contract and provide the required payment and performance bonds if awarded. |
| Payment Bond | Guarantees that suppliers and subcontractors are paid for work performed under the contract. |
| Performance Bond | Ensures that the contractor completes the project in line with the contract’s terms and conditions. |
| Ancillary Bond | Guarantees that requirements integral to the contract, but not directly related to performance, are fulfilled. |
Each type of bond serves a specific purpose in protecting the interests of project owners and ensuring contractual obligations are met.
Contact Us
Interested in learning more about the right insurance bond for you? Contact us today!
- Phone: (855) 543-6476
- Locations:
- Atlanta Office: One Glenlake Parkway, Suite 650 and 700, Atlanta, GA 30328
- Bridgeport Office: 1000 Lafayette Blvd, Suite 11, Bridgeport, CT 06604
Feel free to reach out via email for any inquiries or to get started on your insurance bond quote.
Get a Quote for an Insurance Bond
Ensuring you have the right bond is crucial for securing contracts. Contact us for a quote today!