Understanding Surety Bonds
Surety bonds are for agreements made between a third party and a business owner. The nature is very much similar to insurance, wherein the third-party guarantees the business owner to complete the contract that has been agreed to. Surety Bonds basically assure that both parties fulfill an agreement.
A surety bond is a good way to measure risk-management of potential fraud, malfeasance or employee larceny. By minimizing these risks, both parties can be able to maximize liability coverage whenever the said agreement failed to be fulfilled.
Types of Surety Bonds Available
Generally, there is a very broad array of surety bonds available today. Common types of Surety Bonds are:
- Fiduciary and Federal
- Permit and License
- Contracted bids and bonds of public officials
- Notary and Fidelity
Who Requires Surety Bonds?
Various individuals can be able to purchase surety bonds. They are most commonly utilized by brokers, company owners, suppliers, manufacturers, suppliers, investors, contractors and entrepreneurs.
How Insurance Brokers of Maryland can help
If you are looking for the widest options of Surety Bonds at the most friendly rates, Insurance Brokers of Maryland can help you. Our large list of reputable insurance firms that offer surety bonds allows us to locate the most affordable rate available in the market today. We only work with the most reputable insurance companies. Rest assured our representatives will give you quality options for surety bonds. Call us and we will walk you through the entire process.