What is an Insurance Bond?
An insurance bond is a requirement by project owners when they look for contractors to fulfill a contract. This bond helps ensure that the contract will be completed in case the contractors default on the project. The insurer will then be obligated to compensate the project owners for the loss of income when work is not completed.
Typical Insurance Bond Types
There are many types of insurance bonds available. But here are the most common ones that are recommended for business owners:
Know what insurance bond is right for you, contact us to learn more.
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