What is Commercial Surety?

Presented by Michael Regan

Contract surety refers to bonds that guarantee the performance of a contractor according to the terms & conditions of a contract. It includes the payment of all bills to suppliers, subcontractors and laborers on the project the bond is written for. Commercial surety is an umbrella term referring to all other types of bonds.

Commercial surety falls into a number of categories including the following examples:

  • License & Permit (ex. – street opening and real estate broker bonds)
  • Court & Fiduciary (ex. – release of lien and guardian bonds)
  • Public Official (ex. – treasurer and tax collection bonds)
  • Federal (ex. – customer bonds)
  • Crime (ex. – employee dishonesty bonds)
  • Miscellaneous (ex. – self-insured workers compensation bonds)

Here are a few types of industries and jobs that will require surety bonds:

  • Trucking and bus companies
  • Importers
  • Plaintiffs appealing judgments
  • Banks
  • Bankruptcy trustees
  • IT Consultants
  • Alcoholic beverage distillers and distributors
  • Collection Agents
  • And many more!

Contact Cleary Insurance with any questions about commercial bonds. We can offer you business advise and technical expertise.

At Cleary, we will evaluate your business exposures and work with you to develop a comprehensive plan to safeguard your business. Give us a call today at 617-723-0700.