Minimize Compliance, Payment, or Performance Risks with River East Insurance’s Surety Bonds
The modern business landscape is characterized by immense competition, tighter compliance regulations, and heightened financial and legal scrutiny. As a result, many individuals and businesses actively seek solutions that minimize payment, compliance, and performance risks.
As a result, surety insurance has become one of the most popular legal instruments used by businesses and contractors working on private, state, or federal projects. At River East Insurance, we offer thousands of surety bonds for every industry in the 11 GICS sectors.
So, if you’re looking to mitigate the risk of non-payment, failures, or other issues resulting in losses, explore our instant surety and fidelity portal and begin your application right away.
Our Surety Bonds
At River East Insurance, we offer three types of surety bonds to our clients in Connecticut, Rhode Island, Massachusetts, and Vermont:
Contract bonds are among the most popular types of surety bonds filled by project owners (obligees) as a condition for businesses or contractors to bid on certain projects. The bond ensures the principals meet all of their contract’s obligations. We offer many contract bonds, including:
Commercial bonds are surety bonds used by businesses and individuals to guarantee credibility and adhere to local, state, and federal laws pertaining to the industry they’re operating in. The most popular type of commercial bonds we offer include:
Auto Dealer Bonds
Fuel Tax Bonds
License and Permit Bonds
Oil & Gas Bonds
Fidelity bonds are used as an extended business insurance policy to offer protection against financial losses caused by dishonest or fraudulent employees/contracted workers. Below are the most common types our clients use to protect their companies against employee theft or fraud:
Business Services Bonds
Employee Dishonesty Bonds
Surety Bonds Explained
Surety Bond Basics
A surety bond serves as a promise outlining the liable parties’ accountability for debt, default, or failure. The written document is signed by three parties – the principal (payee), the obligee (payer), and the surety (bond provider).
Surety bonds are mandatory in Connecticut in several cases, especially state and federal projects. The state’s statutes require individuals and businesses to get surety bonds that will guarantee compliance with the business laws and regulations.
If the bonded party doesn’t adhere to the bond agreement, the other party can file a claim against the bond and maintain their financial security at all times.
How Much Do Connecticut Surety Bonds Cost?
The cost of obtaining surety bonds is determined using multiple financial indicators and factors, including business/personal bank statements, credit scores, asset profiles, industry, and work records. Secondly, the principal has to pay a surety bond premium, a percentage of the total penal bond amount the surety has to pay obliges if they file a claim against it.
Get Bonded Right Away!
Whether you’re intrigued by the prospect of owning surety bonds or are looking to improve your protection further, River East Insurance offers over 6,000 contract, commercial, and fidelity bonds you can choose from.
So, call us at (860) 615-9980 to schedule an appointment right away, or search our bonds inventory in different states and fill out the form right away.
Why Choose River East Insurance
River East Insurance is one of the leading surety bond insurance solutions providers in Connecticut and surrounding states. Since our founding, we’ve equipped hundreds of businesses in the state with tailored coverage policies from some of the best carriers operating in their industries or areas. Here’s why you should choose us:
Get Personalized Insurance Coverage Now
At River Ease Insurance, we take great pride in offering an extensive range of insurance solutions. Hence, you can rest assured we have a solution for almost any client who walks through our door. So, whether you’re looking for personal or commercial insurance coverage, call us at (860) 615-9980 to schedule an appointment right away.
We look forward to hearing from you and playing a pivotal role in helping you maximum protection for yourself, your family, your business, and all of your assets.