While there are many types of insurance products that you may be familiar with, there are equally as many insurance products that you may be unfamiliar with. Here at Allen Jones Insurance Agency, serving the greater Seguin, TX region, one of the insurance products that we offer is called bond insurance.
This is not a type of insurance that many people are familiar with, and as such, you may be wondering what it is and who can benefit from it. Our team of insurance experts is here to assist with all your queries.
What Is Bond Insurance?
Bond insurance is insurance that is designed to offer compensation if a contractor does not comply with the terms of their contractor. Building contractors are the most common type of company to secure bond insurance. They tell customers that they will complete a home, building, or renovation project to their satisfaction by a specific date.
If the job is done incorrectly or not by the estimated date, the individual who hired the contractor can file a claim against the insurance and be compensated for any losses or expenses caused by the contractor not fulfilling their obligation or contractual duties.
Who Can Benefit From Bond Insurance?
Bond insurance can benefit the customers who hire contractors, and contractors themselves. When you hire a contractor that has bond insurance, you know that the contractor has insurance if the job is not completed correctly or they run behind schedule. As a contractor, you know that you have insurance to protect you against running behind schedule or mistakes, helping to protect you against lawsuits in these situations.
Contact Us Today
If you are a contractor who guarantees your work will be completed properly and/or by a certain date, your clients may want you to purchase bond insurance to ensure that you can back up the claims you make. At Allen Jones Insurance Agency, we can help contractors and business owners in the greater Seguin, TX region purchase bond insurance. Reach out to us today to obtain an estimate or to start the process.