As a business owner, there is always a lot on your plate and a seemingly never-ending to do list. One thing you may find yourself needing for your Massachusetts small business is a bond. While bonds aren’t an insurance policy, it’s helpful to know that Encharter does offer some bonds for your MA business needs. Some of the most common scenarios in which you will need a bond are larger-scale projects, which may be a common occurrence, depending on your industry. If something happens that stops that project from being completed, having the right bonds in place could help add some security for your business.
Encharter Insurance can help get you the bond(s) you need for your Massachusetts business, no matter how big or small, with a bond to ensure completion.
We offer the following bonds:
- Indemnity – should a party fail to meet deadlines, losses are guaranteed
- Bid – after winning a bid, the beginning of work is guaranteed
- Performance – to guarantee the performance of work after a contractual agreement
- License – a bond guaranteed to a state or deferral agency
- Payment – payment is promised to all sub-contractors and vendors
Encharter Insurance offers a variety of bonds, but one of the most common for a typical business owner is the fidelity bond. Having a fidelity bond can help offer coverage for losses that may come as a result of a variety of situations that can derail a business. In today’s world, as trustworthy as the people around you may be, you would be surprised to find out just how common fraud is when it comes to employees in almost all areas of business. In the event that an employee shares information that they shouldn’t or puts your business at risk, you will be grateful you weren’t held liable due to the coverage of a fidelity bond.
There are many examples and applications for bonds across industries and companies. While the above is just one risk you may encounter and an example of a bond helping in that instance, the key is to have coverage for all of the “what-ifs” for your business.
Talking to an agent can not only make the process of commercial insurance easier, but it can also make sure that your coverage and policies fit your needs. It is all about the right coverage for you and your small business, for anything from commercial auto insurance to workers comp insurance.
To find out more information about bonds or to get started in obtaining one for your business, call an Encharter agent today at 888.754.8299 or fill out our online quote form. If you are able to let them know your specific needs, much like they did with your commercial insurance policies, they can get you the right bond.
Check out our customer testimonials to see what our clients are saying!