Complete your insurance package with a bond through Team
Ensuring the protection of your growing business is our goal here at Team Insurance. Many businesses choose to complete their insurance package with a bond. To meet a wide variety of occupations, we offer several bond options. Speak to our representative to select the Bonds which are most appropriate for your business.
The Bonds are a form of insurance that is used to protect against damage and manage risks in commercial transactions. These may be purchased as needed when there is a concern about the performance of a contracting party or an employee.
We offer Surety and Fidelity Bonds.
Things to Consider:
At Team Insurance, we offer two types of bonds:
These secure the guarantee of performance of obligation or contract. A legal document is created between the two parties, a principal and an obligee. The person performing the work, also known as the principle, has to pay the set amount to be held by a bond company in order to guarantee its performance. If the performance does not meet the stated outcome, Surety Bonds will make the principal payments for the damages to the obligee. Here are some of the popular Surety Bonds options offered by the carriers we work with:
- License and Permit Bonds – guarantees that a business or an individual will meet their obligations under the law, granted a permit or license to operate.
- Public Official Bonds – guarantees that a public official will serve their appointed or elected office properly.
- Contract Bonds – guarantees that a contractor will fulfill their work and pay their bills within the duration of the contract.
- Court and Fiduciary Bonds – guarantees that an individual will comply with the court’s instructions.
- Miscellaneous Bonds – guarantees various obligations.
These will protect the assets of your company from dishonest or fraudulent actions by your employees. They are typically created for managing long-term cooperation, and not just individual projects. Fidelity Bonds enforce honesty and proper conduct of the employees in order to prevent possible theft or damage. Bonds can be included in your insurance package or you can purchase them separately. Here are some of the popular Fidelity Bonds options offered by the carriers we work with:
- ERISA Bond – trustees and pension plans are required to have Fidelity Bond coverage for the plan’s assets by the Employee Retirement Income Security Act of 1974. The bond protects beneficiaries and participants in the event of dishonest actions by the person who handles 401(k) plans or pension plan benefits.
- Employee Dishonesty Bond – guarantees the protection of your company’s assets in the event of theft by an employee. The coverage can be issued by specifying positions or individual employees that handle the assets of the company. Alternatively, the coverage can be issued on a blanket basis.