Most individuals and businesses don’t get involved with bonds until someone requires it. While insurance is a normal business purchase, bonds are usually required for certain things like obtaining a license or to get a contract. While bonds transfer the risk to the insurance company they do work different than ‘normal’ insurance. For example, if a bond pays out due to something you do or fail to do the bonding company may come back after you for reimbursement.
At Balsiger Insurance we handle bonds for our clients throughout our operating area including Nevada (Las Vegas, Henderson, Reno, & every other city in Nevada), California, Arizona, Colorado, Utah, Idaho, Wisconsin, Minnesota, Ohio, Indiana, Illinois, Florida, Georgia, Tennessee, Texas, Hawaii, Oregon, Washington, North Dakota, North Carolina, Missouri and Pennsylvania.
Some of the bonds we can take care of include:
• Notary Bonds
• License Bonds
• Any Contractor Bonds (license, bid, performance, payment)
• Any other bonds you need
While some bonds are easy to obtain, others require a deep look at your financials. Contractor License bonds for example may require both personal and business financials, copies of bank statements, tax returns and any other data to help paint the picture of your worthiness for the underwriter. Even if it isn’t required it is also a good idea to prepare a personal resume of all key management and owners of the business.
What happens if you have had some financial issues in the past? The good news is Balsiger Insurance also handles hard to place bonds. There might be extra underwriting and of course the price you pay for the bond will be higher if the underwriter feels the risk of default is greater.
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