Can you foresee your business in a situation where it is unable to honor a contract? How would it protect itself in the face of failed obligation from a client and the work that was promised?
In such cases, your business could use the protection a surety bond provides if it can’t fulfill a contracted project.
A surety bond, secured from a surety company, would find another contractor to complete the contract or would compensate the project owner for the financial loss it has incurred. For some projects, surety bonds are a flat-out requirement.
O’Donovan Insurance, LLC’ independent insurance agents have done their research on surety bonds and are ready to help find the right option to cover your project contracts. With more than 30 years of insurance and bond experience, we seek to spend the one-on-one time with every client to make sure the right protection is in place.