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Tag: Surety Bonds

Understanding The Different Types Of Surety Bonds

If you are in business in any of a wide range of industries, surety bonds are likely to be part of your business insurance package. These bonds are used in a variety of business situations in which an additional guarantee for the quality of service or products is required. The following is some basic information about the different types of security bonds used in business...

Surety Bonds Vs. Professional Liability (Errors & Omissions) Insurance

Surety bonds are a useful service, but not the same thing as professional liability insurance, also known as errors and omissions (E&O) insurance. You may need both surety bonds and professional liability insurance to safeguard your business. What Are Surety Bonds? A surety bond is a contract between three or more parties, issued by a surety company on behalf of a party known as the...

Surety Bonds: What You Need to Know

Entrepreneurs and small business owners are often required to purchase surety bonds. Although they are commonly confused with insurance, surety bonds are a different thing entirely. They provide a guarantee that a corporate entity or individual will fulfill a contract or a duty in accordance with applicable laws and regulations. They also provide fiscal protection for project owners, employers, and the public. How Do Surety...