Bonds
There’s A Reason They’re Called Surety Bonds
And we’ll make sure you’ll have the right surety provider, partners and program
What Is A Surety Bond?
Surety Bonds are oftentimes used in the construction industry, but other businesses use them when there are tasks to be completed and a bond is required to guarantee future work performance. Compass and IB Insurance have decades of experience analyzing both the risk and financial considerations of a surety project and this helps us match the right surety companies with our client’s wants and needs.
Contract Bonds
A Contract Bond is a type of bond that guarantees the terms of a contract will be fulfilled. They make certain the performance or payment of the obligations under the contract are completed. The most common types of Contract Bonds are Payment, Performance, and Bid Bonds. If you currently have a contract in place that requires this type of bond, we would love to help you. Our experienced staff will walk you through the process every step of the way and ensure your bond is issued correctly, as well as timely.
Let us be your one-stop-shop for all your bond needs.
Notary Bond
Are you a Notary Public? If so, you’re probably required to carry a Notary Bond. We would love to help you! Notary Bonds are simple and fast to obtain. We offer Notary Bonds with or without the option of obtaining Errors and Omissions coverage.
ERISA, Pension & Welfare Bond
Do you or someone on your team manage, oversee, recommend, or handle funds or other property of an employee benefits plan? If so, you will likely need an ERISA bond. If a plan official commits fraudulent or dishonest acts, the will bond
ensures that the pension or health fund can recover some of its losses. The bond will only pay if the fraudulent administrator is financially unable to meet his obligations.
Sheriff Indemnity Bond
For most of us, surety bonds can be quite confusing at times and Sheriff Indemnity Bonds are no stranger to this fact. In short, a Sheriff Indemnity Bond is a type of surety bond that protects law enforcement agencies when seizing or repossessing the property of a defendant or litigant on the behalf of a plaintiff. A Sheriff Indemnity Bond will protect these agencies from any and all legal action due to damages suffered during the legal and lawful seizure of said items or property for the plaintiff.
Business Service Bonds
Business service bonds protect consumers from the potential theft that could be committed by company employees who work in clients’ homes or offices. Business service bonds are optional insurance products that are purchased by many different types of businesses.