Construction/Contract Surety Bonds: Guarantee that contractors will fulfill their contract. Both performance and payment bonds are required of contractors performing projects funded by federal, state or municipal entities and may be required on projects for private entities.
Surety & Fidelity Bonds:
|Bid Bonds||Performance and Payment Bonds|
|License and Permit Bonds||Motor Vehicle Dealer Bonds|
|Employee Dishonesty/Crime||Fiduciary & Court Bonds|
|Probate Bonds||Erisa Bonds|
Bond insurance is an important policy to carry if you’re a business owner. It’s a financial guarantee that payments will be made per schedule for any interest or principal on a bond or other security — even if payments default.
Even if you don’t own a business, there are insurances out there that will protect the public during work and personal matters and to and ensure repayments are made per the terms.
Two common types of bond insurance are Surety and Fidelity Bonds. Each of these has a specific use and are set-up to ensure that what is agreed upon contractually or financially is followed through.
Mitigating risk is a big concern for many businesses and consumers a like. Hiring a contractor who doesn’t follow through on their work or ensuring a minor has a guardian to see financial obligations through are just a few examples.
When mandated, surety bonds hold you accountable for the actions you have set forth to do. Repaying a loan, performing work, or being released by a court decision, all come with a need to guarantee that the person who is bonded is on a set of terms to abide by to protect the public and the bond issuer. Non-compliance will leave room for legal action.
These bonds are especially important for business owners because they offer protection against loss by the result of fraudulent or dishonest employees. This can cover anything from financial loss, to property, and even security losses. These bonds branch out further into first-party and third-party fidelity bonds to cover both employees and contracted workers for the business.
While hiring only individuals you trust and constantly screening and monitoring your workplace can offer you some peace of mind, there is always the risk of those capable of ill-intent and deceit. Keep yourself and the business you’ve established protected with fidelity bonds.
Petruzelo Insurance has over 50 years of experience helping business owners in Connecticut.
Bonds can be confusing and difficult. A Petruzelo Insurance agent can help you get the facts and information you need regarding bond insurance in CT to make sure you are operating within the law.
For more information regarding bond insurance, surety bonds or fidelity bonds for operating in the state of Connecticut, contact an agent at Petruzelo Insurance today.
License or permit bonds are required if you operate under a local, state or federal license. An administrator, executor, trustee or guardian may be mandated by courts to obtain what is called fiduciary bonds.
Employment Practices Liability
If you need more information regarding bond insurance, surety bonds or fidelity bonds for operating in the state of Connecticut, contact an agent at Petruzelo Insurance today. With over 50 years experience helping business owners in Connecticut, a representative at Petruzelo Insurance can help you get the facts and information you need regarding bond insurance to make sure you are operating within the law.