Surety Bonds
Here at BenefitSource we can help you identify the investment that is right for you. A BenefitSource Investment Specialist can help you understand how it all works and form an investment plan that is tailored to your goals. Below you will find a brief summary of some of the most common Bonds we offer at BenefitSource.
A surety bond is a three-party instrument that binds one party to comply with the terms and conditions of a contract. If the party is unable to successfully perform the contract, the surety assumes the party's responsibilities and ensures that the project is completed. Such bonds enable businesses to secure specific jobs and afford them much-needed protection.
The four most common types of surety bonds:
Contract Surety
Bonds that the government or an owner of a construction project may require a contractor to obtain.
- Bid bond - Affords 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 - Provides 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.
Special Risk
- Coverages for the securities industry.
Commercial Surety
- Bonds required of individuals or businesses by the government, legislation or by other entities.
Court Bonds
- Judicial bonds, required of either a plaintiff or defendant in judicial proceedings, to reserve the rights of the opposing litigant or other interested parties
- Fiduciary bonds required for 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.
Be Insurance Minded, contact BenefitSource to learn more about the bonds that are right for your business.
To help you get the most out of your Bonds, there are two ways you can get started:
Click on the GET A QUOTE tab on the left of this page and begin telling us a little bit about yourself.
or
Call 1-877-215-5431 and start working with a BenefitSource Investment Specialist today.
