Insurance helps us prepare for accidents that cause property, life, and financial loss. Bonds insurance is a special type of insurance that protects you against financial loss caused by the activities of someone else. Not everybody that will cause you financial loss will be in a position to pay you. We, at Hathaway Insurance Services in California, offer bond insurance to those around the state. We are a respected insurance agency who believes in trust and honesty. We serve our clients openly and honestly keeping their needs first. There are many different types of bonds. Some may include:
The behavior of your employee(s) might lead to a financial loss. This type of bond protects you in such a case. This type of bond is essential as your business insurance might not offer coverage against embezzlement or theft. There are different types of fidelity bonds. They include Commercial crime fidelity bonds, which offers protection against employees responsible for handling money, Directors & Officers Insurance, Employee Dishonesty, Mortgage Company Professional Liability (E&O), and Cyber Liability. Fidelity bonds are optional.
This bond guarantees the performance of a business; guarantees financial responsibility to complete a contract and integrity. It keeps tabs on the business to keep its promises. Just like fidelity bonds, there are different types of surety bonds.
- Permit and license bonds ensure a business follows permit and license regulations. Examples of this type of bonds include electricians bond, motor vehicle dealers bond, home improvement bond, plumbers bond, real estate broker bond, and liquor/ beer bond.
- Contract bonds that include bond payment bonds, maintenance bonds, performance bonds, and proposal or bid.
Your business is required to have some of the surety bonds. Your permit provider can help you understand the type of bonds the law requires in the line of your business.
Bond insurance helps the running of your business. Call or email us at Hathaway Insurance Services in California to get and learn more about bond insurance.