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How a Surety Bond Works with Your Business Insurance

As a business owner, you want to give your company every competitive advantage in the marketplace. This includes comprehensive insurance coverage to ensure your operation is protected and you have the confidence to move ahead with projects and growth.

At Broadbent Insurance, Inc., our expertise helps clients find the best possible policies and options. We’re happy to use this post as a vehicle for discussing business insurance in Newark, DE. We’ll look at surety bonds in particular and how they are beneficial for your company.

A surety bond is a form of business insurance coverage that involves three parties. The first is the principal, who must make good on an obligation. The second is the obligee, who needs a guarantee that the principal will meet their commitment. The surety is the issuer of the bond that guarantees the principal will fulfill its role. The surety provider is usually an insurance company.

Surety bonds benefit businesses, especially small enterprises, by offering assurances to existing and potential customers that the business will provide the service for which it’s contracted. This helps smaller companies level the playing field by placing them in a more competitive stance compared with larger companies with more significant resources.

If you require further details about how a surety bond can benefit your business, the team at Broadbent Insurance, Inc. is happy to provide additional information.