An insurance agency and a bond insurance company may provide different services, and their offerings can be complex. Still, you should easily be able to find the best company and services for your needs. Insurance and bonds often fulfill contractual obligations. For example, they ensure that a construction business operates faithfully and its client’s interests are protected from various issues, including employee theft or fraudulent acts.
It may be in your best interest to pursue a contract bond, performance bond or any other specific bond types. Read on to learn more about types of bonds and gain insight into which bonds are best for your goals.
Bonds guarantee payment or fulfillment of some kind and can be crucial in specific business dealings. Before reviewing the best surety companies, ensure you understand the basics of surety bonds and fidelity bonds
There are many different types of surety bonds, including license and permit bonds, performance bonds (also known as contract bonds), payment bonds, and more. The main structure is the same across all types of surety bonds. Simply put, a surety bond is a written agreement to guarantee compliance, payment, or performance of an act.
Whether you need a license and permit bond or a payment bond – there will be three parties involved and a certain financial guarantee. The surety company will supply the bond, and it’s vital to select the necessary type of bond insurance and surety company.
Fidelity bonds function like insurance that protects against employee dishonesty, such as property damage, theft, and other criminal acts. A business owner may be interested in pursuing a bond in addition to their regular insurance policies.
Deciding which bonds to get, in addition to the complex nature of insurance, can be challenging. Berglund Insurance is here to help businesses know where they need to be insured and what they should be insured for, in addition to purchasing needed bonds. We are dedicated to customer satisfaction and work hard to protect customers from coverage gaps.
Take advantage of our free bond portal below and reach out with any questions. We’re ready to help.
Welcome to our instant surety and fidelity bond portal, powered by Propeller™. We offer the widest selection of instant issue bonds on the market, with approvals in minutes. Begin your application by selecting a state or typing in the search box.
Our insurance agency is here to help you and your business. Whether it be requesting a quote on your car, business, or home, we can create a custom package that fits all of your needs. We’re your one-stop insurance shop near Lehi, UT.