Bonds in Business Insurance
What is the difference between a bond and insurance?
Insurance protects your business from losses, while bonds protect the obligee by guaranteeing your performance or compliance.
Dig deeper
A bond guarantees performance or compliance with a specific obligation, while insurance protects against unforeseen losses. Bonds often protect the obligee, whereas insurance primarily protects the policyholder.
Real World Example
An electrician purchases a license bond to comply with state regulations for operating a licensed business.
Expert Considerations
Ensure you fully understand the obligations and risks associated with a bond before obtaining one.
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