There are many types of bonds you may need as a business owner. The most common are surety bonds that will be required by state, municipal or federal ordinances or regulations. These bonds are a promise by the surety or guarantor to pay the other party a certain amount if you fail to meet specific obligations, such as fulfilling the terms of a contract.
Another type of bond you may need or want is a fidelity bond. Fidelity bonds are a form of protection that covers the policyholders for losses that they incur as a result of fraudulent acts by specified individuals. These bonds usually insure a business for losses caused by dishonest acts of its employees.
Other types of bonds:
- License & Permit Bonds
- Contract Bonds
- Performance Bonds
- Bid Bonds
- Over Axle/Over Gross Weight Bonds
- Dishonesty Bonds
- Notary Bonds
