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2 years ago · by · Comments Off on Bonding

Bonding

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Does Your Business Have Insurance Bonds Coverage?

We can help you fulfill them.

Insurance bonds are generally known as Surety Bonds and are classified as either a “contract bond” or “commercial bond”.

A Contract Bond is an agreement between three parties:

  • - The “principal” or business performing a contractual obligation,
  • - The “obligee” or business to which the obligation is owed, and
  • - The “surety” or business that ensures that the principal's obligations will be performed

Contract Bonds are often used in the construction industry. They ensure that the terms of a contract are performed. A general or sub contractor will often be required to purchase a performance bond to ensure completion of a project. Project owners and larger subcontractors will often purchase payment bonds to ensure suppliers and sub contractors are compensated. Other common types of contract bonds include maintenance bonds, bid bonds and supply bonds.

A Commercial Bond is a general classification for all bonds except the Contract Bond above. It can be used to secure a license or permit. Commercial Bonds are also commonly required to sell real estate, vehicles or contracting services, or to ensure payment of taxes. Court Bonds also fall under the commercial bond category.

Surety Bonds are also used in business contracts requiring one party to properly perform a fiduciary responsibility to another. These are also called fidelity bonds. One of the most common examples is an ERISA bond, which is required for administrators of employee retirement plans.

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Businesses of all types have a need for property insurance, but not all policies provide coverage for the hazards that threaten your business specifically. Do you know if your current policy requires you to value your property with one of the above mentioned valuation methods? In many cases, if your policy has a coverage limit that is less than 80% of the accurate value, you could end up receiving far less than you would expect at the time of a loss (coinsurance clause). As a prudent business owner, we welcome you to a personal consultation with one of our industry specialist insurance agents. Your agent will learn about your business, discuss your concerns, and identify the risks that could impact your business. Boynton Insurance Agency will help guide you to an insurance carrier with a program specifically for your type of business, and an agent will help you customize your insurance coverage to best protect your company from major property loss and business interuption.

 

--CONTENT UNDER PAGE "BONDS"

ASSURANCE FOR YOU AND YOUR BUSINESS

Owning a business means taking risks. At Boynton Insurance Agency Inc, we offer a variety of bond and license services to ensure that your business is protected. While there are many Bonds from which to choose, they can be issued for an extensively wide range of circumstances, and choosing the right bond to suit your needs can be a difficult task.

The professional and knowledgeable bond specialists at Boynton Insurance Agency Inc will work with you to develop a business solution to help meet all of your bonding goals. In addition to providing quality surety products, we also provide various licensing and permit services to ensure that your business runs to the letter of the law.

Our business solution services include:

  • Performance Bonds
  • Contractor’s Bonds
  • ERISA Bonds
  • Fiduciary Bonds
  • Sub-Division Bonds
  • Court Bonds
  • Conservator Bonds
  • Surety Bonds
  • Fidelity Bonds
  • Public Officials
  • Liquor Licenses

If you need a bond or license, contact a bond specialist at Boynton Insurance Agency Inc today who can help you find the surety products that keep your business covered.

We provide bonding and license services to businesses near Needham, Boston, Haverhill, Brockton, Newton, and Cambridge.

 

--CONTENT UNDER PAGE "SURETY BONDS" 

BACK YOUR OBLIGATIONS

Your primary goal as a business owner is to ensure that your operations run smoothly and efficiently on a daily basis. But in special circumstances, the performance of your business may require extra attention that assures an obligee that you, the principal, are performing as promised.

At Boynton Insurance Agency Inc, we specialize in providing bonding services that help to protect the integrity of your business. Our Surety Bond services include writing agreements that guarantee the party requesting the bond that your business will uphold its obligations.

TYPES OF SURETY BONDS

Boynton Insurance Agency Inc can write a variety of Surety Bonds including:

  • Performance and Payment Bonds
  • Contractor Bonds
  • Sub-Division Bonds
  • Court Bonds
  • Conservator Bonds
  • Fidelity Bonds
  • Public Officials
  • Liquor Licenses

Since there are many types of Surety products, it is important to discuss your options with a licensed, professional bond agent. Our underwriting services are flexible to meet your unique business needs, and we specialize in a high-degree of customer care that will ensure maximum consideration for your assets.

Contact a Bond specialist at Boynton Insurance Agency Inc today to keep your commercial responsibilities protected.

 

--CONTENT UNDER PAGE "FIDELITY BONDS"

PROTECT YOUR BUSINESS FROM THEFT AND DISHONESTY

As a business owner, even if you take every precaution possible to ensure the security of your business assets, theft and dishonesty can still happen. Without the right coverage, businesses can lose important data or experience major financial losses as a result of fraudulent activity.

A Fidelity Bond from Boynton Insurance Agency Inc can indemnify your company in the event of theft. Our coverage options range from the protection of businesses to the security of non-profit and professional organizations. With the right Fidelity Bond, you can cover your assets, including money, personal belongings, computer equipment, supplies, and more. Your business or organization can also cover any employees or volunteers.

TYPES OF FIDELITY BONDS

Fidelity Bond options from Boynton Insurance Agency Inc include:

ERISA Bonds - for covering any claims that involve a violation of the Employee Retirement Income Security Act (ERISA). This includes situations that range from imprudent investments to failure to enroll employees.

Employee Dishonesty Bonds - that cover fraudulent acts committed by employees on the property of your business, including theft and other violations.

Business Service Bonds - that protect against theft of a client’s or customer’s property on their premises as a result of your employee’s careless actions.

While there are other options available, it is important to discuss the needs pertaining to your business with a licensed professional. At Boynton Insurance Agency Inc, we can provide you with the proper protection to keep your assets secure.