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Bonds Insurance

Whether you are a business owner from Texas or any other state, bond insurance is vital to have. A bond insurance policy is a financial guarantee provided by a third party. If a specific company is not able to meet the obligations of a bond, the third party will step in to fulfill the terms of the contract or cover the difference. There are specific industries and businesses, where it is legally required to carry the minimum bond insurance.

Why Are Bonds Important?

Bonds are agreements that help to protect both you, as a business owner, and clients in case if something happens. A standard commercial insurance policy does not always have bond insurance coverage that you might need for your industry. Therefore, it is important to discuss it with an insurance agent who specializes in business insurance and make sure you have proper coverage for your business.

Being bonded means that business owners can feel safer when they take risks to improve the growth of their businesses. This is especially relevant to such industries as finances and construction. A bonded company can obtain unbiased criticism from a credit professional and receive advice in underwriting projects.

Three Parts of the Bond

There are three components of a bond:

  • The obligee - It is the party that requires the bond.
  • The principal - The party that gives a promise to perform a contractual obligation.
  • The surety - The company offering a bond agreement. The surety will pay a specified amount if the principal fails to uphold its obligations and promises.

If you are a business owner from Texas and you need bond insurance, Conner & Duffer Insurance is ready to help. We will do our best to help you to find reliable bond insurance for your business. Reach out an agent from Conner & Duffer Insurance at any time and enjoy the quick response will all the information you need.

Our Partners:

  • CNA Surety
  • Kemper
  • Liberty Mutual
  • Progressive
  • Safeco
  • Texas Mutual
  • Travelers

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