Is the bond premium a one-time payment?

Bond premiums are typically paid annually for the duration of the bond requirement.

Bond premiums are typically annual payments, but the exact terms depend on the bond type and the surety company. Some bonds may allow multi-year premiums or renewals.

A contractor uses a maintenance bond to assure a client that any defects in the construction project will be addressed post-completion.

Add fidelity bonds to your coverage if your employees handle sensitive information, money, or valuable goods.