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At Advice Insurance Group, we work with several different types of commercial and contract bonds. As reputable leaders in the bond industry, we’re able to help you with the protection your business needs.
License and Permit
The majority of commercial businesses and non-profit organizations are required to have license and permit bonds. These bonds are used to guarantee compliance with any regulations, laws, or any private agreements associated with obligations of the commercial or non-profit entity.
Notaries are generally required to obtain surety bonds in order to protect the public in the case that a notary has any negligent mistakes or misconduct in the future. Unlike errors and omission insurance, notary public bonds are usually in place to protect the public, rather than the notary, against possible future mistakes.
Public officials are required to uphold standards of quality and dedication to their performance. Public official bonds protect against fines and other expenses associated with non-compliance regarding state laws and regulations. They are in place to guarantee both honesty and faithful performance to the duties required by that public official.
Bid bonds are generally developed to help the protect the project creator to ensure that the winner bidder will carry out the terms of the contract.
Payment and Performance
A performance bond is critical for the insurance that the performance and terms of the contract are carried out faithfully.
Employers seek out dishonesty bonds to protect themselves from misconduct on the part of their employees. These behaviors generally include embezzlement or theft, in addition to any other dishonesty charges on the part of the employee. Obtaining a dishonesty bond is a crucial step for the employer’s to protect themselves and their assets.
Janitorial employees are faced with an increased risk of being accused of dishonesty or theft. Janitorial bonds help to protect companies and employees from unjust allegations relating to theft, disappearance, and dishonesty. This is a bond that smaller janitorial companies must have in order to protect themselves against allegations that could jeopardize the future of the company. In addition to providing vital protection, janitorial bonds can help to increase the trust between a janitorial company and a new client, since they help to add an additional layer of protection.
Pension trust bonds are designed to protect the funds and owners of pension trust or profit sharing plans that are distributed as part of an employee benefits package. When these are offered by an employer, fiduciary representatives manage these programs on behalf of the company. The goal of the pension trust bond is to protect the funds and the plans from dishonesty and fraud.