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Surety Bonds Insurance

Surety Bonds Insurance

Do you need to guarantee that a particular task will be fulfilled? If so, you're likely in need of a surety bond. 

There are typically two kinds of surety bonds: contract surety bonds and commercial bonds. There are always three parties involved: 

  • The surety: Guarantees fulfilled work or obligations from the principal party
  • The principal: The party making the obligations
  • The obligee: The party receiving the work or in need of the obligation

To make it simple, the principal is the party who is doing the work, while the surety is the party who ensures that their work will be done for the obligee.

What are the two kinds of surety bonds?

  • Contract surety bonds: This surety bond is ideal when a contracting company is hired to do work. The contracting company then gets a surety bond through a surety company, which means they're covered if they have to leave the job. It is then the surety company's responsibility to find someone else to get the job done.
  • Commercial surety bond: There is a wide range of obligations that commercial surety bonds cover, but most often, they are required by the state and local government.

How to find a surety bond company that you can trust

If you need a surety bond, Ptarmigan Insurance Agency is here to help. However, if you still want to research your options, here are a few ways to find a surety bond agency you can trust. 

  • How long have they been in business? The bond provider you choose should be in business long enough to have ample experience providing surety bonds.
  • Do they have good reviews? People trust online reviews as much as they trust advice from a family or a friend. That said, check out others' reviews on the surety bond company to see if they were satisfied with their experience.
  • Are they responsive? If you call a bond provider just to get the machine and no call back, consider looking elsewhere. The best bond providers will be responsive and ready to help.

Do you need a surety bond for your Whitefish, Montana business?

If you're shopping for surety bonds, Ptarmigan Insurance Agency can help. We have years of experience helping businesses just like you, to ensure the work you provide. 

Get the peace of mind you need from a surety bond from Ptarmigan Insurance Agency. Give us a call today at 406-857-7777 to learn more about what we offer and how we can help your business.