An insurance bond ensures contract completion in the event of contractor default and are typically required by project owners when seeking a contractor to fulfill a contract.
The contractor obtains a bond so the insurance company is obligated to compensate the project owner for the financial loss incurred if the work is not completed.
Although there are many types of insurance bonds, the four most common types needed by business owners are:
Contact us to learn more about the right insurance bond for you.
110 N. Beverwyck Road, Lake Hiawatha, NJ 07034