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Bond insurance is often associated with jail scenarios, where a surety bond can secure a person’s release, provided they fulfill certain obligations, such as attending their court date. However, bond insurance is also applicable in various other situations.
Understanding Bond Insurance
Bond insurance, also known as surety insurance, guarantees that a person or company will perform a specific action, such as fulfilling financial or contractual obligations. Some businesses in Portland, OR, use a fidelity bond to protect against fraud and employee theft. You likely encounter businesses that use bonds offered by Einstein Insurance every day without realizing it.
Common Scenarios
Several common situations typically require bond insurance. For instance, subcontractors often use payment bonds to ensure that they will be paid for their work. Most government contracts require companies to be bonded, ensuring they will fulfill their obligations, such as completing the job according to government standards.
Performance bonds are a popular type of bond. Many companies inform potential customers that they’re bonded to help build trust. These types of bonds ensure the company completes the job as promised. They guarantee customer satisfaction and a job well done.
Bonds help ensure people fulfill their commitments and can serve as an incentive to do the job correctly. Many companies use bonds to build trust with subcontractors and potential customers. Our experienced representatives at Einstein Insurance can help you determine the correct type of bond for your company. Contact us today to learn more. We’re currently serving the Portland, OR, area.
