What is an Insurance Bond?
A surety bond, or an insurance bond, ensures contract completion in the event of contractor default and are typically required by project owners when seeking a contractor to fulfill a contract.
The contractor obtains a bond so the insurance company is obligated to compensate the project owner for the financial loss incurred if the work is not completed.
Typical Types of Insurance Bonds
Although there are many types of insurance bonds, the four most common types needed by business owners are:
Contact us to learn more about the right surety bond for you. We've been selling insurance in Chicago, IL and Merrillville, IN for the last 19 years.
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