Protect Your Business with
License and Bond Insurance
No business is too small for licenses and permits. In fact, failure to obtain the necessary licenses can result in hefty fines or even the shutdown of your business. License bonds are a type of insurance that protects your business if you cannot obtain the required licenses.
License bonds are a requirement for many businesses, but they are often overlooked. This is a mistake, as license bonds can protect your business from costly fines and penalties. If you are unsure if your business requires a license bond, check with your local chamber of commerce or licensing board.
What is the difference between construction insurance
and a surety bond?
Insurance and surety are two very different things. While they are both designed to protect businesses, they are very different. A bond is essentially a line of credit that guarantees that a principal (you) will pay for any debts (obligations) owed to a third party (the state). A contractor is also typically required to have both insurance and a bond. While both are important, they are not a substitute for each other. Finally, claims on an insurance policy are paid for by the insurance company, while claims on a surety bond are paid by the contractor.
Surety bonds for licenses and permits are a type of commercial surety bond. They are required by many state and local governments for a business to obtain a license or permit. The bond guarantees that the business will follow all laws and regulations related to its business. If the business does not follow the law, the bond will pay for any damages that occur. The surety company that issues the bond is responsible for making sure the business follows the law.
How to make sure you are covered as a contractor?
As a contractor, you are responsible for ensuring that you have the proper insurance coverage for your projects. There are a few things that you need to consider when determining your insurance needs. First, you need to make sure that you have General liability insurance. This will protect you if you are found responsible for damages or injuries that occur on the job. Next, you need to make sure that you have workers' compensation insurance. This will protect you and your employees if they are injured on the job. Finally, you need to make sure that you have adequate property insurance but having a surety bond for your construction company does assist build confidence and provides customers peace of mind. The bond ensures that contractors will carry out their end of a contract and that their work complies with all applicable local, state, and federal laws. In fact, for this reason, the majority of countries demand that licensed contractors hold these guarantees.
Here at Pascal Burke Insurance Brokerage , we specialized in giving you the best Insurance and Surety Bond that fits your business needs. We are specialists in an array of policies that covers not only general contractors but every single trade in construction. For a hassle-free transaction about your insurance policy reach us at BuildersArtisans.comor give us a call today at 877-893-7629