Many people confuse surety bonds with regular insurance. The difference is significant. Let’s understand the why small businesses should maintain a surety bond by looking at different types of business uses for those bonds.
Surety Bonds for a Cleaning Business
Customers prefer cleaning services that are “licensed and bonded” to protect them from service providers acting in bad faith. Janitorial Bonds are comparatively inexpensive and help cleaning companies communicate to their customers they can be trusted.
Surety Bonds for Notaries
Notary Bonds protect people from unethical notaries. They also make it mandatory for notaries to meet several conditions before being allowed to conduct notary services in a given state.
Surety Bonds for Contractors
Contractors are required to have a License and Permit Bond or a Performance Bond. These are low-cost bonds protecting residents of the state from financial losses incurred by contractors. A “licensed and bonded” contractor provides confidence to those served, thus increasing trust. Getting a surety bond can be expensive in many states. Florida surety bonds offer inexpensive superior services and comprehensive solutions to minimize the risks inherent in the construction industry.
Surety Bonds for Car Dealers
Motor vehicle dealer bonds protect car owners from unethical practices committed by car dealers and their employees. These bonds are not insurance but a protection for customers.