To get bonded you must determine whether you need a surety or fidelity bond. Surety bonds are usually required by a third party to protect itself or the public. Fidelity bonds protect you or your business.
A surety bond is a promise or guarantee to pay a party a certain amount if a second party fails to meet their obligation ex. fulfilling the terms of a contract. This bond protects the obligee against losses which may result from the principal’s failure to meet their obligation.
A fidelity bond offers coverage to policyholders for losses that may incur as a result of fraudulent acts by specified individuals and insures a business for losses caused by fraud or dishonesty by employees.
To learn more about surety and fidelity bonds, contact us today.