CORPORATE & PERSONAL BONDS
Commercial Bonds Overview
Many businesses including general contractors, electricians, plumbers and other subcontractors, as well as attorneys or notaries public, require commercial bond coverage. On the personal side, bonds may be sought for legal, investment and estate purposes. Phil Richard Insurance has experience providing bonds through a wide array of national companies to meet your individual and commercial bond needs.
Key Facts On Commercial Bonds
- A commercial bond is a type of liability coverage for employers who want to protect themselves against losses resulting from dishonest employees.
- A commercial “blanket” bond policy provides coverage for all of an employer’s employees.
- These bonds are valued up to a maximum amount for any single loss, regardless of the number of employees involved. This also applies if the business owner is not able to determine the number of guilty employees.
The commercial team at Phil Richard Insurance will help you figure out what your bond requirements are in order to comply with the law. Email: email@example.com or call us at 978-774-4338.
Frequently Asked Questions
Are there different types of commercial bonds?
Yes, there are as many bonds available as there are industries. Here are a few examples:
- Contract Surety: For contractors
- Special Risk: For the securities industry
- AG Dealer: For the agricultural industry
- ARC: For the airline industry
- Liquor: For those selling, manufacturing and warehousing alcohol
- Title: Known as Certificate of Title bonds required when registering a vehicle.
Why does my business need a commercial bond?
Commercial bonds are generally required by state and federal laws and statutes.