Commercial Bonds, Surety Bonds, Fidelity Bonds.

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1. Gross income of the business.

2. Are you a commercial or residential contractor?

3. Number of years in business.

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Commercial bonds usually refer to license and permit bonds These protect the consumer from unqualified people who represent themselves as qualified by requiring a specific license to operate. Commercial Bonds let the consumer know that professionals and business owners follow federal and state laws that prevent physical or financial harm.  There are over 50,000 bonds in the US and typically bond requirements are set at the state level. 

Surety bonds are bonds that guarantee the performance of an individual’s or business’ service to be provided. If the individual or business fails to live up to the obligations of the bond, then the insurance company who issued the bond will pay compensation to the harmed party up to the bond amount. These bonds are not like insurance in that if a claim was paid, the person, or company who had their service guaranteed by the bond, repays the insurance company. This makes the bond sort of a form of credit for the buyer of the bond.

There are also fidelity bonds. These bonds provide insurance for your company from such things as employee theft or embezzlement. There are many scenarios Fidelity bonds can cover and will reimburse your company for the losses of. There are ERISA bonds as well, which are required. They protect against the financial mishandling of employee benefit plans, such as 401K’s. 

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