No matter what type of business you have, it will be necessary for you to have either fidelity or surety bonds. These are mandated by both local and state officials in Norwich, Connecticut and provide you with additional indemnification and protection.
There are a number of situations where these bonds can play an essential role in your business’s risk management strategy, no matter how big or small your business may be.
However, before you start making bond purchases, you need to fully understand what they offer in regard to your business. In addition to understanding what surety and fidelity bonds have to offer, you also need to be aware of the fact that there are different types of each bond option.
The Surety Bond
There are a number of reasons that you may need a surety bond. For example, if you are a business owner, you need the bond to provide a guarantee for your utility bills or state taxes. Contractors might have to have this in order to guarantee the work you provide with a municipality. There are several types of surety bonds, the one you need will be based on your business:
- Probate and other court bonds
- Contract performance bonds
- Public official bond
- License and permit bond
The other type of insurance bond available is the fidelity bond. This is for businesses to secure their assets from employee theft and other issues. There are different fidelity bond coverage options so that you can find the solution that meets your particular business needs. These options include:
- Business services bonds
- ERISA bonds
- Employee dishonesty bonds
The purpose of insurance bonds is to protect you and your business. As a business owner, your business is one of your greatest assets. Contact Waitte’s Insurance Agency today to inquire about the bond options that we have available!