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Types of Bond Insurance

There are two main types of bond insurances, surety and fidelity. Both offer different forms of protection.

Surety Bonds

A surety bond is designed to guarantee a businesses’ integrity, performance, and financial responsibility to finish said job. It also ensures that the company will follow all laws and promises in the contract. The two main types of surety bonds that Bayside offers are:

Contract Bonds

The contract bond guarantees the contractor’s work, completion time, and price. Bayside insurance offers several different types of contract bonds including:

  • Performance Bond
  • Maintenance Bond
  • Bid or proposal
  • Bond Payment Bond

License and Permit Bonds

A license or permit bond insures that a business obeys with the appropriate license and permit regulations. License and permit bonds offered by Bayside Insurance are:

  • Home Improvement Bond
  • Gasoline Tax Bond
  • Real Estate Broker Bond
  • Liquor and/or Beer Bond
  • Auctioneer Bond
  • Plumbers Bond
  • Electricians Bond
  • Motor Vehicle Dealers Bond
  • Fuel Dealer Bond

Fidelity Bonds

A fidelity bond offers insurance against loss from any employee misconduct. As a business owner, you should check to make sure that your regular business insurance covers theft or embezzlement. If it does not, a fidelity bond will cover such events.

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