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Why You Should Consider Surety Bonds for Your Business

You never know when a seemingly good deal could go wrong. If you don’t take the necessary precautions, like purchasing surety bonds, you could find yourself in an unfortunate situation. Here are some helpful tips to know before buying surety bonds for your business.

Things to Understand

So, what are surety bonds? When a principle party fails to meet terms of an agreement, surety bonds pay the outlined amount to the oblige. Surety bonding assures that even when contracts break, you won’t be left high and dry. If you are unsure what bonds will fit your needs, here are some options to consider.

Types of Surety Bonds

Contract Surety Bonds guarantee obligations that fall under a contract. These bonds can protect your company from others failing to makes payments or perform specific labors.

Performance Bonds protect you as the principle from potential financial loss due to a contractor failing to perform contracted work.

Payment Bonds are similar to contract bonds because they guarantee payment from contractors, but these bonds still payout if liens exist on specific jobs or buildings.

Bid Bonds ensure that any contracted bid submitted by a contractor will be the bid price discussed, so you are stuck paying something you hadn’t anticipated.

Conducting business with other contractors can be risky at times. However, with surety bonds in place, you can have peace of mind knowing seemingly good deals stay that way.

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Protecting Your Business in Orlando

Protecting Your Business in Orlando

There’s no better way to protect your business from financial troubles and lawsuits than with an insurance policy that covers the risks you face. If you’re searching for business insurance in Orlando, then you’ve come to the right place.

Insurance Products for Your Business

Business risks can take many forms and wreak havoc if left unchecked. That’s why an insurance agent performs a thorough risk assessment of your business and creates a customized plan that increases protection for those risks specific to your company. The following are some of the coverage options available to your business:

Professional liability
General liability
Employment practices
Cyber liability
Inland marine
Workers’ compensation
Surety bonds
Commercial property

Professional protection comes in many forms, including those listed above. However, each business faces unique risks and the policy should not be treated as a one-size-fits-all situation. That’s why a risk assessment is essential for the system to deliver adequate protection to your business.

Safety for Your Business in Times of Crisis

To protect your business, your employees and your professional reputation, you need business insurance in Orlando. A policy can be tailored to meet the specific needs of your business and lessen the risks you face in your industry so you can focus on your business instead of the unforeseen dangers.