Bonds
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What is a Bond?
A surety bond is a three-party agreement between the Principal (the business doing the work), the Obligee (the party requiring the work), and the Surety (the company providing the bond).
Why Purchase Bonds?
- Regulatory Compliance: Most commercial bonds are legally required to get a business license. They act as a financial guarantee to the state that the business will follow the law and pay its taxes.
- Consumer Trust and Credibility: Voluntary bonds (like fidelity bonds) protect clients from employee theft or damage. This allows businesses to market themselves as “bonded,” which builds client confidence.