If you work in certain types of business in Oklahoma, such as construction and contracting, when you give your word, your clients count on it. But what if someone you depend on to finish a job doesn’t hold up their end of your agreed-upon timeline? What if an extreme weather event forces a halt to a major building project? The reputation of your business could be at stake, as well as your ability to generate future income.
This is one prime reason why bonds were created. A surety bond is a type of insurance that pays out if you are unable to complete a job as promised due to factors beyond your control. Insurance companies back bonds, as do banks, credit unions, and finance companies.
Without a bond, it could be easy for someone to sue you for breach of contract. You might have to sell assets to cover the damages in a judgment against you. Or you might have to shutter your business completely, putting your employees out of work too.
Types of Bonds
While bonds are certainly popular in the construction industry, including with many trades, there are numerous types of bonds to protect people working in other fields. Common bonds include:
Enjoy Personalized Service with Our Independent Agents
No matter what kind of bond you need, our independent agents are happy to assist you. We can provide more customized service than big insurance companies and banks can. And we offer many other kinds of business insurance, including contractors insurance, so you’re fully protected in all areas of your work.
To learn more about bonds, call J. K. Meadors & Co at 405-377-0000. Or start a quote online at your leisure any time.