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Business coverage

Surety Bonds

Surety bonds guarantee that your business will fulfill its obligations — completing a contract, meeting a license requirement, or paying subcontractors — and step in financially if you don't. In California, many public projects, licensing boards, and private contracts require a bond before you can even bid, making it the price of admission for winning the work.

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Who this coverage is for

Surety bonds are for businesses that need to guarantee they will fulfill an obligation, such as completing a project or following regulations. They are common for contractors, licensed professionals, and businesses bidding on public or private contracts.

What it can help protect

A surety bond is a three-party guarantee that helps assure others your business will follow through:

  • Contract bonds — help guarantee that a project will be completed as agreed.
  • License and permit bonds — help satisfy licensing requirements set by regulators.
  • Bid bonds — help assure a project owner that you will honor your bid.
  • Performance bonds — help guarantee the quality and completion of your work.
  • Three-party structure — involves you, the party requiring the bond, and the surety backing it.
Regularly misunderstood coverages
Surety Bond vs. Insurance

Why a bond isn't the same thing as insurance.

Key choices and underwriting factors

A licensed review will usually focus on bond type and amount, obligee requirements, and financial or experience information needed.

Common Questions