What types of insurance bonds are available?
There are many types of insurance bonds available, but the most common are public official bonds, license and permit bonds, fidelity bonds, and contract bonds.
A public official bond is designed to guarantee that you will faithfully perform the duties of your office (whether elected or appointed).
A contract bond is used to guarantee fulfillment of your construction contractual obligations.
A license and permit bond is used to satisfy the requirements of a government agency, such as your local city or town.
A fidelity bond can be used to protect your business from fraudulent acts committed by your employees.
As a business, you may need one or all of these insurance bonds, depending upon your contractual and regulatory requirements.