Surety & Fidelity Bonds
Contractors need more than just insurance – they need bonds, too. Lloyd Pro Group can help!
Working in the construction industry brings with it a lot of unique risks. When taking on a new project, you likely spend some time assessing the risks that come with the task in front of you. Insurance is a no-brainer – you don’t want to be uninsured when it comes to all of the risks you and your employees face – but have you thought about bonds?
Often used in the construction industry, bonds are a way to obtain financial security when taking on a project. When it comes to obtaining the right bond, contractors often find that they need them fast and they need everything to be easy. We can provide that. Our job is to make your life easier by providing you with counseling, insurance, and, if you need them, bonds!
What Is A Bond?
We understand that there can be a bit of confusion out there when it comes to bonds. Contractors often deal with many different types of bonds. They are a requirement necessary to cover the risks involved in the industry.
Keep in mind:
- A bond is NOT a form of insurance. A bond is a financial guarantee or a form of credit.
- A bond is a loan made to a company.
- A bond is security that can be bought and sold.
- A bond is a form of payment in many cases, as it can guarantee payment.
In Georgia, whether you are working on a construction site in Atlanta, Jacksonville, or anywhere in between, you will need to obtain bonds in order to do the work. The bond often protects the person or company that selected you to do the work.
At Lloyd Pro Group, our goal is to help you understand your risks. Our goal is to provide you with options.
Our agents can offer you both surety and fidelity bonds. Surety bonds are more common in the construction industry, whereas fidelity bonds can be used by any business.
Here are the basics:
- Surety Bonds: Are a promise of payment. It is a contract among the contractor and the client who will be paying the bill. It assures the project owner that the contract will be completed and the work will be completed as outlined.
- Fidelity Bonds: Will guarantee that the bonded employee(s) will handle their employer’s property with trust. These exist to protect businesses from employee theft. These types of bonds are considered when employees are trusted to handle cash or other valuable assets.
Whether you are a contractor or a business owner, you may reach a point where you need bonds. That is the point where you call 877-341-5728 and talk to one of the agents at Lloyd Pro Group. Not sure about your needs? Fill out a quote form and we’ll get in touch with you right away! Our job is to protect what matters most to you – and your needs are the starting point!