What Are the Different Types of Bonds You Can Insure?

Various Insurance Bonds in San Diego, CA

Surety bonds can be issued on their own or as part of business contracts. As a result, there are hundreds of situations that may call for bond insurance in San Diego. Here are a few types of bonds that businesses should consider insuring.

Notary Performance Bonds

Many states require notary applicants to obtain a bond as well as undergo a background check before they can formally take the oath, get their licenses, and perform notarial duties. In California, the Secretary of State requires notary applicants to file a bond.

Fiduciary Bonds

When two or more parties enter a fiduciary agreement, a properly insured bond is highly recommended. In probate court cases, the judge may order an estate administrator to obtain a bond plus insurance before an appointment. If you are looking for a professional trustee to handle your affairs, you may want to ensure a bond is in place.

Contractual Bonds

The section of a contract for labor can include a bond as a provision that the work will be completed on time, as stipulated, and for a set price. Construction and remodeling contractors are two examples in this regard.

Janitorial Bonds

Agencies that perform cleaning services often mention they are licensed and bonded. In some cases, the bond may have been a requirement to obtain the license they mention. Nonetheless, bonds can be important for cleaners entering residences and workplaces. If you are an independent cleaner, a janitorial service bond will not only get you more clients, but it also protects you if you accidentally break expensive porcelain sculptures, for example.

Collection Agency Bonds

The debt collection industry can be very lucrative, but it is also heavily regulated. Collection agencies are in the business of handling money and enforcing contracts, which means they should be bonded and adequately insured if they intend to stay in business.

To learn more about bond insurance and the types of bonds you can insure, get in touch with American Tri-Star Insurance. We’re not just experts in bond insurance, though. If you’re looking for quotes on affordable commercial, home, health, or auto insurance, San Diego residents should call 619-272-2100 today.