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First Insurance Group Blog: bonds

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If your business deals in contracts, then clients expect you to do your work correctly. If you fail to do so, then you might have to pay for the client’s losses. Sometimes, your commercial liability insurance can help you do so. However, in other cases, you will have to compensate the clients according to the terms of surety bonds. READ MORE >>

There are three parties involved in a surety bond. If one of them needs to make a claim on the bond, the other two have an obligation to respond. How does this process work? Who pays who? The surety claims process works much like an insurance claim. However, there are key differences as well. READ MORE >>

A surety bond is an important investment for many business owners. It provides financial protection and peace of mind. Yet, many people do not realize it is significantly different from insurance.  Do you need to have insurance and bonds? The answer to this is generally yes. But you need to know what they cover. READ MORE >>

As a contractor, you understand that working means entering into binding agreements. Contracts more or less are rules to let business parties know what to expect from one another. Parties who work with contractors will expect the contractor to complete their work according to the stipulations of the contract. READ MORE >>

Clients expect contractors to complete projects within the specifications of the deal. Contracts require a legal obligation to follow their specifications. They also mandate a very high degree of honesty on the part of the contractor. Part of your obligation to your client is to protect their financial investment in a project. READ MORE >>

Investing in a surety bond is a wise decision. These bonds provide your customers with the confidence they need to work with you. Bonds provide compensation to the customer should you fail to deliver as promised. Some companies fail to get bonds because they are unsure of the cost. READ MORE >>

Some businesses are required by state law to have a bond, which business owners sometimes confuse with business insurance. Failing to understand the difference between a bond and business insurance is a key mistake that can leave entrepreneurs financially vulnerable and without protection. READ MORE >>

Your business is your passion and your livelihood. Without it, how would you support your family? What would your employees do to financially sustain their families? It's crucial to think about this, since the business landscape is ripe with danger. READ MORE >>

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