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Commercial Bonds are generally thought of in terms of Surety Bonds. Surety insurance is a contract between at least three parties: the Surety provides the hiring party (obligee), a guarantee that the contractor or person hired (principal) will perform or they will be returned their funds.
There are two main groups of bonds: contract bonds and commercial bonds. Contract bonds guarantee the performance of a contract such as: performance, bid, supply or maintenance. Commercial bonds guarantee terms such as: permit, license, court, public official and fidelity bonds.
There are many different types of business that may require a Surety Bond such as financial institutions, healthcare, retail and service related businesses, contractors and technology companies to name a few. Surety Bond premiums vary and will depend on the type of bond, amount of the bond and the credit or financial strength of the person or business requiring it.
TWFG offers several types of Surety Bonds. It is important that the coverage you select matches your business needs. By working with an experienced TWFG agent you can avoid gaps in coverage and determine which company and program is right for your business.