Utah Surety Bonds

Protecting you from the ground up

Surety Bonds aren’t insurance for the person purchasing the bond–they protect the business or government entity that purchaser is entering into business with. They are required by an extensive list of industries and state and federal governments in order for you to engage in specific businesses.

 

How do Surety Bonds work? A Surety Bonds is policy that vouches for you when you make a promise, either to complete a project and or operate in a legal and ethical manner.

 

There are hundreds of types of Surety Bonds, all covering specific occupations and situations. Our Stratford Insurance agents can help you determine which one is best for you.

 

An example would be a Bid Surety Bond:

Many companies will require these from contractors who are bidding on a job. These Surety Bonds, purchased by the contractors, assure the hiring company that the contractor will take the job if their bid is accepted. If the contractor is offered the job but backs out, the Surety Bond triggers and the bonding company will either compensate the hiring company for any losses they incurred from delay, or arrange for a different contractor to take their place.

 

There are lots of situations when you may either be required to obtain a Surety Bond or when it would benefit you to require one. Here are just a few examples:

  • Utility Bonds guarantee payment for utilities.
  • Contract Bonds (Payment and Performance) ensure a contract will be completed as specified.
  • License and Permit Bonds are often required by the governments for certain professions.
  • Auto and Motorcycle Dealer Bonds ensure compliance with the law.
  • Mortgage Broker Bonds guarantee compliance with law and license codes.
  • Liquor Bonds guarantee compliance with liquor laws.
  • ERISA Bonds protect against pension mishandling.
  • Business Service Bonds guarantee ethical conduct when interacting with client property, which are great for services like dog and house-sitters, housekeeping, movers, and janitorial services.

Some industries that commonly require a Surety Bond to operate include electricians, contractors, plumbers, landscapers, painters, and masons.

 

What are the advantages of working with Stratford Insurance Group for your bonding needs?

 

Stratford insurance group has power of attorney with our bonding underwriters. That means that we can issue bond certificates directly from our surety companies. This means a quick turn-around time for you and we realize these bonds often come up last minute. We can also help you set up a bonding line for quick and easy turnaround.

 

If you think you may need a Surety Bond, contact us and one of our SIG agents will carefully go over your situation with you to see if a Surety Bond could benefit you. Stratford Insurance Group is proud to have relationships with over 20 carriers and our agents will do all the groundwork to track down the best policy for your circumstances. Our 6 Month Check Up policy allows you to give feedback about how you’re feeling about your coverage so far and to check in and make sure that nothing needs to be adjusted.

 

In this litigation-happy world, don’t let those worries weigh you down. Stratford Insurance can show you along the Path to Protection so you can focus on excelling in your field.

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Additional coverages to consider

Workers Comp

Workers’ Compensation Insurance is made up of two roads leading to security: one that benefits the workers and one that benefits the employer. Together, they provide a safeguard that covers everyone.

General Liability

General Liability Insurance will be the perfect and complete Path to Protection and for others it will be one of the pivotal stepping stones that makes up the larger path to comprehensive coverage.