Business insurance includes products designed to protect risks inherent to commercial enterprise such as commercial property, liability, business vehicles, workers compensation, and bonds.
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As an independent agent, we represent numerous commercial insurance companies offering a variety of coverage and price options. Equally important, we listen. We take the time to understand your business needs. We help you find the coverage you need at a price you can afford.
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A surety bond is a guarantee that someone contracted to perform a specified obligation will, in fact, complete that obligation. There are three or more parties involved in a bond transaction.
The first is the principal. This is the person obligated by contract to perform specified responsibilities. The second is the obligee – the party who is the recipient of the contracted obligation. And the third is the surety, who ensures that the principal’s obligations will be performed.
Through a bond contract, the surety agrees to uphold the contractual promises made by the principal, or pay a specified amount of money to the obligee in case the principal defaults on his or her obligations. The bond demonstrates the credibility of the principal and guarantees performance of the terms of the agreement.
Because there is financial risk involved, the surety in a bond contract is usually an insurance company whose solvency is verified by private audit, government regulation, or both. The principal will pay a premium to the bonding company, usually annually, for their participation in the bond contract.
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