Simply put, a Connecticut bond helps ensure that your business does what it’s supposed to do and that the entity you’re doing it for doesn’t bear any financial harm based on your or your employee’s actions or failure to perform. The bonding company, also known as a surety, ensures your payment by requiring security or collateral if a claim is made against you.
General contractors and businesses with government contracts frequently need bonds. For example, all Federal construction contracts greater than $150,000 require a bond as a condition of contract award. But other businesses need bonds, as well. These include temporary staffing agencies, janitorial firms and even car dealers. Bonds are sold and backed by a surety company, which guarantees your firm’s performance. It’s a good alternative to using a business line of credit, because it frees up potential capital your business can use to grow.
At Paradiso Insurance, we specialize in providing both large and small Connecticut businesses with the following commercial, contract and business service surety bonds:
The process of getting a bond in Connecticut can be confusing, especially for businesses that have not needed them before. At Paradiso Insurance, we know bonding and we’ll work with you to make sure you get the right bond with the right terms at the right price. Stop by our office, give us a call, or complete our quote request form today.
At Paradiso Insurance we understand how this important protection can help you avoid costs associated with workplace injuries. And we’re experts at finding the right coverage for your business.
We’ll show you the various options that exist to keep you protected and put together a program with one of the dozens of top-notch insurance companies we work with that best fits your particular needs.
If your firm uses technology in the course of conducting business, you face a cyber risk. The best thing you can do is understand your risks and make sure your business is properly protected.