Call Us (865) 966-2111 ☰ ˟
Logo
Call Us (865) 966-2111
  • Home
  • Our Agency
    • AboutImage of right arrow
      • Our Team
      • Refer a Friend
      • Discount Programs
      • Switching Insurance Companies
      • Privacy Policy
    • Our LocationsImage of right arrow
      • Knoxville
      • Dayton
      • Madisonville
      • Kingston
    • Get A Quote
    • Testimonials
    • Our Providers
  • Get a Quote
    • Auto Insurance Quote
    • Business Owners (BOP) Quote Form
    • Homeowners Insurance Quote
    • Life Insurance Quote
    • General Liability Quote Form
    • Classic Car Insurance
    • RV & Travel Trailer Insurance Quote
    • Watercraft Insurance Quote
    • Renters Insurance Quote
    • Workers Compensation Insurance Quote
  • All Products
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Medical Payments Coverage
      • Minor Violation Forgiveness
      • Personal Injury Protection (PIP)
      • Rental Reimbursement
      • Uninsured/Underinsured Motorist Coverage
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Landlords Insurance
      • Mortgage Protection
      • Scheduled Property Insurance
      • Renters Insurance
    • Farm InsuranceImage of right arrow
      • Crop Insurance
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Life InsuranceImage of right arrow
      • Disability Insurance
      • Group Life Insurance
      • Individual Life Insurance
      • Long-Term Care Insurance
      • Second-to-Die Policy
    • Personal Umbrella Insurance
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Coverage For Your BusinessImage of right arrow
      • Surety & Fidelity Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Leave Management
      • Inland Marine Insurance
      • Loss Control Insurance
      • Kidnapping Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability Coverage
      • Ransom Insurance
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking
      • Workers Compensation
      • Van Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Liquor Liability Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
    • Cover for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
  • Carriers
  • Payment / Claims
  • Leave Us a Review
    • Knoxville, TN
    • Dayton, TN
    • Madisonville, TN
    • Kingston, TN
  • Contact
Home > Blog > 3 Common Surety Bonds
TUESDAY, MARCH 7, 2023

3 Common Surety Bonds

Many people don’t know what surety bonds are, let alone the fact that there are many types of surety bonds available for purchase. When you hire a contractor, plumber, electrician or anyone else to perform work in your home or place of business, it’s beneficial to hire a bonded professional. Why? If that contractor does not complete the work as promised or makes a costly error, the company that issued his or her bond is responsible for any resulting financial losses, including hiring another professional to finish/fix the job. A surety bond acts as a guarantee that the principal will perform a job according to an agreed-upon contract. Below, we detail three of the most common surety bonds and their sub-categories. 
Business partners shaking hands
Commercial Surety Bonds 
  • License bond: Ensures that the bonded individual or business will obtain any required licenses or permits to meet city, county or state laws.
  • Sales tax bond: Ensures that the bonded business will transfer all collected sales tax to the state government.
  • Auto dealer bond: Ensures that a motor vehicle dealer is licensed and therefore legally qualified to sell vehicles for profit. 

Contract Surety Bonds 
  • Payment bond: Often issued with performance bonds, this ensures the payment of suppliers and sub-contractors for their contributions to the bonded project.
  • Bid bond: Ensures that the bonded contractor who is awarded a project after placing a bid will post a performance bond and begin work on the project in a timely manner.
  • Performance bond: Ensures that if a bonded individual or business doesn’t perform, the client can receive compensation for monetary loss. 

Fidelity Surety Bonds 

This ensures an employer’s protection from dishonest and/or fraudulent employees, including acts of theft and embezzlement.  

We’re happy to explain bonds in further detail. Call Mike Dyer Insurance Agencies for more information on Tennessee surety bonds. 
Posted 1:00 PM

Tags: bonds
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • auto insurance(8)
  • renters insurance(6)
  • insurance(6)
  • bop(4)
  • rv insurance(4)
  • farm insurance(4)
  • home insurance(4)
  • coverage(4)
  • life(3)
  • general liability insurance(3)
  • business(3)
  • premiums(3)
  • boat insurance(3)
  • costs(3)
  • classic car insurance(3)
  • business insurance(3)
  • trucking insurance(3)
  • life insurance(2)
  • commercial(2)
  • policy(2)
  • powersports insurance(2)
  • liability(1)
  • workers compensation(1)
  • general(1)
  • recreational vehicle insurance(1)
  • recreational insurance(1)
  • workplace safety(1)
  • owners(1)
  • jewelry insurance(1)
  • workers compensation insurance(1)
  • business owners policy(1)
  • commercial property insurance(1)
  • bonds(1)
  • motorcycle insurance(1)
  • homeowners insurance(1)

View Mobile Version

Contact Us Today!
(865) 966-2111

Social

Resources

  • Get a Quote
  • Payment / Claims
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us
  • Leave a Review

Contact Us

11020 Kingston Pike, Ste 320
Knoxville, TN 37934

Phone: (865) 966-2111 | info@mikedyerinsuranceagency.com

1158 Market Street
Dayton, TN 37321

Phone: (423) 775-3011

144 Warren Street
Madisonville, TN 37354

Phone: (423) 442-2111

508 N Kenutcky Street
Kingston, TN 37763

Phone: (865) 376-4507

© Copyright. All rights reserved. | Powered by Insurance Website Builder