Bonds

Surety bonds are designed to protect the security of your business that you have worked so hard to establish and grow. We realize that your business is unique; therefore, we can provide surety bonds to meet your unique business needs. Allow us to get the right surety bonds insurance for you at a competitive rate.

Do You Need a Surety Bond?

There are many financial/legal situations that you as a business owner may encounter that would require a bond. Having a bond means having the legal protection you, your employees, and your business deserve and is usually mandated for business owners to work in certain cities, states, and counties.

Some examples may include the following:

As an electrical contractor, you may encounter the need to post a bond specifically outlining your duty to adhere to the electrical codes outlined for that city where you work. Before the bond can be written, your independent insurance agent may require legal documentation of the local ordinance and a copy of your contractor’s license.

A business owner may need a surety bond to guarantee funds for utilities or state taxes, while an attorney may need to have their clients post court bonds for legal asset disbursement following the death of a family member.

Regardless of the situation, RCI Insurance is here to answer any and all questions regarding the protection of your business. Some of the Surety Bonds we offer include:

A court bond, or a court surety bond, is a type of financial guarantee or insurance instrument that is required by a court to ensure that a party involved in a legal proceeding fills their obligations as ordered by the court. These bonds are typically used in civil litigation to protect the interests of the parties involved and to guarantee payment of specific amounts of money, should it be required.
A contract bond, also known as a construction bond, is a type of surety bond used in the construction industry. It serves as a financial guarantee that a contractor (the principal) will fulfill their contractual obligations to complete a construction project as specified in the contract. Contract bonds provide protection to project owners (the obligees) by ensuring that the project will be completed as agreed upon, even if the contractor encounters financial difficulties or fails to meet their obligations.
A license bond, also known as a license and permit bond, is a type of surety bond that is often required by government agencies, municipalities, or regulatory authorities as a condition for obtaining and maintaining certain business licenses or permits. These bonds are used to ensure that individuals or businesses adhere to specific laws, regulations, and ethical standards associated with their industry or profession. If the bonded party fails to comply with these requirements, a claim can be made against the bond to provide financial compensation to those who have been harmed by the non-compliance. License bonds serve as a form of protection for consumers, clients, and the government by guaranteeing that businesses and professionals will operate ethically and in accordance with the law.
A permit bond, also known as a permit surety bond, is a type of surety bond that is required by government agencies, municipalities, or other regulatory authorities as a condition for obtaining a specific permit or license. The purpose of a permit bond is to ensure that individuals or businesses comply with the terms and conditions associated with the permit and fulfill any obligations related to the permitted activity. Permit bonds are typically used in situations where the permit holder is responsible for adhering to specific regulations, laws, or codes related to the permitted activity. If the permit holder fails to do so, a claim can be made against the bond to provide financial compensation to those who have suffered harm or losses due to the non-compliance.
A business service bond, also known as a fidelity bond or an employee dishonesty bond, is a type of insurance or surety bond that provides financial protection to a business owner in the event of theft, fraud, or dishonest acts committed by their employees. This bond is designed to safeguard a business against financial losses resulting from the actions of untrustworthy employees, including acts such as embezzlement, theft, or misappropriation of funds or property. They provide peace of mind to both business owners and customers, knowing there is a financial safety net in place to mitigate the impact of employee dishonesty. It's important to note that business service bonds do not protect against all types of employee-related losses, and they typically exclude coverage for mistakes, negligence, or other non-dishonest actions by employees.

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