Bonds – Commercial, Performance, Bid, Payment, Indemnity, License, Estate, Receivership, Trust, Fidelity, Pension Plans, ERISA, Environmental, Etc.
Bonds may not exactly count as insurance, but in most cases they provide a degree of assurance. In some industries, they serve as a necessary means of backing up your obligations to the people who hire you. In other instances, they serve to protect your business from the actions of duplicitous employees, contractors, or subcontractors.
Some of the Types of Bonds We Can Provide
There are many different types of bonds. The first bonds to explore are contract bonds. There are essentially three different types of contract bonds that Bogle Agency Insurance handles on a regular basis.
1) Performance Bonds
Sometimes referred to as a contract bond, the performance bond serves as surety that the terms of a contract will be fulfilled on time.
2) Bid Bonds
According to the terms of the contract upon the winning of the bid, these bonds offer a guarantee that work will begin.
3) Payment Bonds
This particular bond offers assurances that the main contractor will dispense appropriate payments to all subcontractors and vendors.
The purpose of bonds is take some of the risk or uncertainty away for project owners when contracting help. However, these are not the only types of bonds available through Bogle Agency Insurance.
Other bonds we offer that apply to business include the following:
Indemnity bonds provide assurances that the project will end as scheduled. If the project is not delivered on time and as promised, then the contractor has promised to indemnify the purchaser against losses stemming from the failure to deliver by the prescribed deadline.
These bonds are important because they guarantee that the principal will follow the codes and regulations established by the Obligee (typically a government entity).
Estates – Receivership – Trusts – Etc.
These types of bonds guarantee that the individual or principal will administer the Estate, Receivership, Trust or Other Types of Stipulations that are set forth in a document. They normally require the individual to be appointed by the courts.
Fidelity Bonds – Pension Plan Bonds – Erisa Bonds
These bonds protect an individual, business or organization against financial loss from embezzlement or dishonest acts by an employee or someone else that was given access to the finances. They also protect against other financial or legal losses.
An environmental surety bond, is something businesses are becoming increasingly interested in. These bonds are for businesses that are interested in sustainability and provides assurance that environmental precautions were taken throughout the building process.
NJ Commercial Insurance Bonds | Are Bonds Necessary for Businesses?
Some individuals, businesses or organizations will never have a need for a bond. Others will use them on a regular basis. Bonds are tools for establishing credibility and provide the individual, business or organization with added protection to make sure that construction projects go according to plan, individuals follow the stipulations set forth in the will or document and businesses or organizations have financial protection for their assets.
Additionally, insurance bonds serve as added incentive for you to meet deadlines, achieve goals, and avoid shortcuts that could place the project in jeopardy.
NJ Commercial Insurance Bonds | Why Choose Bogle Agency Insurance for Your Bonds Needs?
Bogle Agency Insurance has been a force in the field of insurance & bonds for more than 97 years. We take pride in our attention to detail and dedication to protecting the people who trust their homes and businesses to us. This one of the reasons we’ve earned the status as a “Best Practices Agency” for 14 consecutive years.
Contact us today at (201) 939-1076 to learn more about bonds and what they can mean for you, your business or your organization. Our highly trained, friendly agents will walk you through the bond process and help you determine what is right for you. No matter what your Bond situation is Bogle Agency Insurance can provide you with coverage you need.