What types of bonds might my business need?

Common bonds include performance bonds, payment bonds, license and permit bonds, fidelity bonds, and bid bonds.

Common types of bonds include performance bonds, payment bonds, bid bonds, fidelity bonds, and license and permit bonds. Each serves a specific purpose based on your business needs.

A contractor uses a bid bond to participate in a competitive bidding process, ensuring they’ll accept the project if awarded.

For businesses with multiple projects, consider a blanket bond to simplify coverage and reduce administrative tasks.