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Surety Bonds protect your business from financial damages related to work you perform for a client in your role as a contractor. There are thousands of different types of bonds. Some examples are court bonds, fiduciary bonds, ERISA bonds, permit bonds, and construction bonds. Below are some common risks. Protections offered by your policy will vary based on your business's specific needs.
Your client may argue that a project you delivered is incomplete. Contractors bond insurance protects your business when a client says that you did not finish the work they paid you to deliver.
A client might not be satisfied with the work that you performed. This could be the result of a misunderstanding or due to another reason. When this happens, contractors bond insurance will help pay for any required modifications.
Contractors bond delivers protection when money is owed to a supplier of building materials or a subcontractor, and the contractor cannot pay them.
While performing construction, a contractor or your employee could damage a client's existing property. If that happens, your contractors bond insurance will help pay for damages.
You may bring materials to a job site or leave them at the site. There's a risk that some materials could be lost or stolen. Contractors bond insurance will help pay to replace them.
Someone you hire work deliver work on your behalf of your business might quick or walk off a job. Your contractors bond will insulate your from that financial exposure.
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