Insurance Bonds

Bond. Insurance Bond.

What is an Insurance Bond?


​Surety bonds provide financial guarantees that contracts and other business deals will be completed according to terms of agreement. Surety bonds protect the buyer from fraud and malpractice. If the company breaks a bond's terms, the harmed buyer can make a claim on the bond to recover losses.
Although there are many types of insurance bonds, the four most common types needed by business owners are:
  • Bid Bond - Ensures the bidder on a contract will enter into the contract and provide the required payment and performance bonds if awarded the contract.
  • Payment Bond - Ensures suppliers and subcontractors are paid for work performed under the contract.
  • Performance Bond - Ensures the contract will be completed in accordance with the terms and conditions of the contract.
  • Ancillary Bond - Ensures requirements integral to the contract, but not directly performance related, are performed.​
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The Guy R Day Difference

You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for... Most insurance products are similar in price and function, insurance providers are very different when it comes to creating a policy that actually covers you. ​
Contact us to learn more about the right insurance bond for you.