Call Us 800-741-4911 ☰ ˟
Logo Joy L. Hemme Memorial
Joy L. Hemme Memorial Call Us 800-741-4911
  • Our Agency
    • AboutImage of right arrow
      • Our Staff
      • Locations
    • Our Providers
    • Resources
    • Contact UsImage of right arrow
      • Main Office
      • Austin Office
      • Boise Office
      • Boston Office
    • Make A Payment
  • Products
    • Sports and Events Insurance
    • Transportation and Trucking Insurance
    • WORK COMP Elite
    • Motorsports Insurance Image of right arrow
      • Motorsports Race Teams Insurance
      • Motorsports Races and Events Insurance
      • Motorsports Tracks & Facilities Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Mud Run and Special Events Insurance
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Marijuana Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Minibus Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Leave Management
      • Loss Control Insurance
      • Inland Marine Insurance
      • Kidnapping Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Ransom Insurance
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
    • Farm InsuranceImage of right arrow
      • Crop Insurance
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Home & Auto InsuranceImage of right arrow
      • Auto and Homeowners Insurance
    • Auto InsuranceImage of right arrow
      • Liability Coverage
      • Comprehensive Coverage
      • Collision Coverage
      • Uninsured & Underinsured Motorist Coverage
      • Minor Violation Forgiveness
      • Specialty Auto Insurance
      • 24-Hour Customer Service
      • Towing
      • Rental Reimbursement
      • Personal Injury Protection (PIP)
      • Medical Payments Coverage
    • Home InsuranceImage of right arrow
      • Property Insurance
      • Homeowners Liability
      • Renters Insurance
      • Condo Insurance
      • Mobile Home Insurance
      • Scheduled Property Insurance
      • Landlords Insurance
      • In-Home Business Insurance
    • Other Personal InsuranceImage of right arrow
      • Identity Theft
      • Personal Umbrella Insurance
      • Data Backup
    • Life InsuranceImage of right arrow
      • Individual Life Insurance
      • Group Life Insurance
      • Long-Term Care Insurance
      • Mortgage Protection Insurance
      • Disability Insurance
      • Second-To-Die Policy
      • Key Person (Key Men) Insurance
    • Health InsuranceImage of right arrow
      • Individual & Family Health Insurance
      • Group Health Insurance
      • Dental Coverage
      • Vision Coverage
      • Supplemental Insurance
      • Disability Insurance
      • Medical Expense Insurance
      • Child Health Insurance
      • Prescription Insurance
      • HSAs
    • Recreational Vehicle InsuranceImage of right arrow
      • Boat Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • ATV Insurance
    • Additional Insurance ServicesImage of right arrow
      • Special Event Insurance
      • Other Services
      • Wedding Insurance and Special Event Insurance
  • Contact Us
    • Main Office
    • Austin Office
    • Boise Office
    • Boston Office
    • Contact Us
Workers Compensation Icon

Workers' Comp

Crush your Work Comp costs with Work Comp Elite. A proven program to lower your cost.

Learn More
Transportation Icon

Transportation

Specific programs designed just for you

Learn More
Motorsports Icon

Motorsports

All types of Motorsports, “If it has a Throttle, we can write it”

Learn More
Bonds Icon

Bonds

We browse through a wide variety of coverages and find the right one for you.

Learn More
Sports & Events Icon

Sports & Events

Go for it, We got this.

Learn More
Home > Blog > 3 Common Types of Bonds
MONDAY, APRIL 25, 2022

3 Common Types of Bonds

Surety bonds are essentially a guarantee that the principal will perform their job as detailed in the contract. If a person or business hires a bonded contractor and the work does not get done as promised, the company that issued the bond is responsible for the resulting financial losses. There are many types of surety bonds available for a variety of professions and circumstances. Here are three of the most common types of bonds. 

 

Contract Bonds

  

  • Performance bond: This simply guarantees that if a contractor doesn’t perform, the client can receive compensation for monetary loss and a replacement contractor to finish the project.a man standing in front of a building shaking hands 

  • Payment bond: Generally issued with performance bonds, this guarantees payment of sub-contractors and suppliers for the bonded project. 

  • Bid bond: This guarantees that the bonded contractor who is awarded the project on which he placed a bid will post a performance bond and get to work on the project. 

 

Commercial Bonds

  

  • License bond: This guarantees that the bonded person or business will obtain a license or permit to meet any necessary city, county or state laws and requirements. 

  • Auto dealer bond: This guarantees that a motor vehicle dealer is licensed and legal to sell vehicles for profit. 

  • Sales tax bond: This guarantees that the bonded business will distribute collected sales tax to the state government. 

 

Fidelity Bonds

  

This guarantees protection from fraudulent and/or dishonest employees, including theft and embezzlement.  

 

Learn more today. Call K2 Insurance Brokers and Risk Management at  800-741-4911  for more information on bonds. 

Posted 1:06 PM

Tags: bonds, contract, business, surety, commercial, fidelity
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(13)
  • coverage(8)
  • liability(6)
  • commercial(5)
  • transportation(3)
  • trucking(2)
  • event(2)
  • risk(2)
  • cyber(2)
  • builders(2)
  • policy(2)
  • contract(1)
  • truck(1)
  • workers compensation(1)
  • bonds(1)
  • special(1)
  • fidelity(1)
  • companies(1)
  • general liability insurance(1)
  • vehicles(1)
  • bop insurance(1)
  • team(1)
  • property damage liability(1)
  • clinic(1)
  • sports(1)
  • business(1)
  • commercial auto(1)
  • events(1)
  • surety(1)
  • cyber liability insurance(1)
  • professional(1)
  • weddings(1)
  • farm insurance(1)
  • employee(1)
  • bop insurance business owner policy(1)
  • wedding(1)
  • workers comp(1)
  • special event insurance(1)
  • race(1)
  • errors and omissions(1)
  • motorcycle(1)
  • builders risk(1)
  • auto(1)

View Mobile Version

Contact Us Today!
800-741-4911

Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • News
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

40960 California Oaks Rd, Ste 132
Murrieta, CA 92562

P: 800-741-4911 | Fx: 951-398-5170
© Copyright. All rights reserved. | Powered by Insurance Website Builder