There's nothing easy about business ownership – especially when it comes to making sure you have all the insurance coverage you need. We're here to make it a little easier. Not sure if you need bonds insurance? For some enterprises, bonds are a legal requirement; for others, they're a smart investment.
What is a Bond?
Also known as a surety bond, a bond insurance policy is a guarantee made by a third-party – also known as a surety. If a business fails to meet the obligations of a bond in any way, the surety will step in to cover the difference or fulfill the terms of the contract. For some industries, carrying a minimum amount of bond insurance is a legal requirement. For instance, in Maryland, auto dealers and contractors must carry license bond insurance, and builders bidding on public construction costs must carry construction bond insurance, a type of builder's risk policy.
Why are Bonds Important?
Bonds are agreements that protect both your business and your clients if something goes wrong. A standard business owner's policy doesn't necessarily include the bonds insurance coverage you need for your particular industry. That’s why it's crucial to talk to an agent that specializes in commercial insurance coverage in your area to make sure you have the comprehensive coverage you need.
Find Out More Today
WSMT Insurance has been providing surety bonds and other forms of commercial insurance coverage since the 1960's. For more information about bonds insurance or to get a quote, feel free to give us a call or stop by our office.