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OCT
10
2022

Which Type of Bond Insurance Does My Business Need?

Top-down view of a person at a desk with business paperwork around and phone in hand - Nickerson Insurance

Different Types of Bond Insurance for Your Business Needs

As a business owner, there are many steps you need to take to protect your business. One necessary step is finding the right insurance coverage so your business is fully protected from any possible damages. From employee theft to other contractual risks, bond insurance protects you every step of the way. With the right policy, you will never have to worry about your business during a time of crisis. 

There are two types of bond insurance that our Nickerson Insurance agents can offer your business. 

Fidelity Bond

When hiring employees, there’s always a risk that the person you hired isn’t right for your business. Many business owners have experienced employees actively trying to undermine their business and sabotage their success. When you’re operating a business, theft is always a huge risk, but many business owners are unaware that the theft could be happening from someone on their payroll. With bond insurance, you can protect your business from being held liable for crimes a shady employee might commit.

Fidelity bond protects your business from employees who commit crimes such as employee theft, embezzlement and potential fraud. With the proper coverage, you and your business will never be held liable.

If you operate a business that requires employees to enter the homes of your customers, a Business Service Bond is coverage you need. If an employee steals valuables from a customer’s home, your business wouldn’t be held liable for the stolen possessions. Fidelity bond is used to protect your business from being financially liable for someone else’s crimes. The blame should never fall in your hands.

Surety Bond

For businesses that hire an outside company for a contracted project, it’s important that all parties are made clear of the expectations, such as the timeframe for project completion.

There are two types of Surety Bonds that can protect your business. 

A Construction Bond ensures a contractor completes their project during the agreed time period. If they for any reason are unable to complete the project, a surety bond holds them liable for any expenses. These are commonly used by those investing in construction projects.

Commercial Bonds are generally required by state laws across various industries. These bonds are used to show an operating business is fully compliant under all laws in their industry.

Find the right insurance bond for your business with Nickerson Insurance

Ready to get a quote on bond insurance? Our agents are always available to help you find the right coverage for your business. We pride ourselves in helping businesses thrive and protecting them from all possible risks. Give us a call so we can find the right bond insurance for you!

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