Torian Insurance offers affordable bond insurance that protect both your company and your clients. We are here to help you get the protection you need so you can focus on what you do best- running your business!
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If you are thinking of getting bond insurance, you are not alone. Many people are not sure what bond insurance is, or whether they need it. Bond insurance is basically a type of surety bond.
A surety bond is a contract between three parties: the principal (the person or company who is doing the work), the obligee (the person or company who is requiring the bond), and the surety (the company that provides the bond). The surety bond guarantees that the principal will perform the work according to the terms of the contract. If the principal fails to do so, the surety will pay damages to the obligee up to the amount of the bond. In other words, bond insurance protects the obligee from loss if the principal does not fulfill his or her obligations.
There are many different types of bond insurance, and the right type for you will depend on your specific needs. Talk to a professional to find out more.
There are a few key reasons why you might need to get surety bond insurance. First, if you’re in the construction industry, getting bonded is often a requirement in order to win bids on projects. This protects the project owner from potential financial losses if you default on the job.
If you’re starting a business, some landlords and government agencies may require you to have a bond in order to operate. This provides them with financial protection in case you don’t follow through on your obligations.
Finally, if you’re already operating a business, having bond insurance can give your customers and clients additional peace of mind, knowing that they’re protected if something goes wrong.
You can rest easy with Torian. As independent Insurance agents, we work for YOU, not the insurance companies! Our expert staff has your best interest at heart which means providing the best coverage.