Where To Find Surety Bond Companies for Your Industry
Bonds are used more and more as an alternative to insurance in many industries, which is increasing the demand for them across the board. While they’ve always been popular in construction and a few other niches like financial services, rising costs for business insurance and innovative approaches to bond construction are making it an option for more and more companies that used to be well-served by traditional insurance. So, if you’ve never used bonds to manage risk before, where can you find the surety bond companies you can trust to write robust risk management bonds as you need them?
Bonds By Industry or Purpose
The short answer? Surety bond companies are often insurance companies that also provide traditional risk management services and business insurance policies beyond bonds. If you’re currently working with a large business insurer who provides a variety of industry-specific options, it’s worth inquiring about bonds. Working with the right provider even allows you to get complementary bonds and insurance policies that are designed to work together from day one. If that’s not an option, you can either look for surety bonds by bond function or by industry to find companies that sell them. Often, niche providers focusing on a few bond types offer cost-effective services with more specific provisions than larger companies who serve a variety of products that fit a range of needs, but not always. Shop smart, request quotes from as many providers as possible.