Commercial Bond Solutions

Also known as business bonds and commercial surety bonds, commercial bonds are agreements that protect businesses. They’re generally required by state laws for various industries, and guarantee some aspect of a principal’s occupation. Commercial bonds are used to make sure practitioners and/or business owners uphold federal and local laws that protect consumers from physical and financial harm. Unlike the other main type of surety bond – contract bonds —commercial bonds do not have contracting guarantees associated.

Why Business Need To Be Bonded

Businesses can apply for a bond whenever it hires a fiduciary or a high-risk employee. Some states require businesses to purchase them, so businesses are encouraged to find out what is required for their state. In any case, having a bond for any business makes perfect sense. Larger businesses can benefit greatly from a dishonesty bond with blanket coverage, especially if there is a lot of employee turnover, and any company that requires its employees to enter the homes of clients should have a business service bond in place to protect themselves and as a show of good faith towards clients. Having a service bond in place acts as a guarantee that a company’s employees can be trusted in a client’s home, and that the clients themselves will be safe.

Types Of Commercial Bonds

AG (Agricultural) Dealer Bonds

Required for people licensed with the Department of Agriculture who buy and resell agriculture products. These bonds include grain dealer bonds, hay dealer bonds, livestock dealer bonds, milk dealer bonds and produce dealer bonds.

ARC Bonds

These travel agent bonds are required by the Airlines Reporting Corporation. They guarantee that payments collected by a travel agency are forwarded to the right airline.

Auctioneer Bonds

Required for auctioneers and auction houses to protect bids and purchases.

Auto Dealer Bonds

Motor vehicle dealer (MVD) bonds assure the general public that the dealer will comply with the law. Other dealer bonds include boat dealer bonds, mobile home dealer bonds, snowmobile dealer bonds and vessel dealer bonds.

Fuel Tax Bonds

Required by fuel sellers to guarantee payment of taxes.

License & Permit Bonds

Required by federal, state or municipal governments as a condition for granting a professional license to professionals in certain occupations or industries. License and permit bonds include contractor license bonds, electrician bonds, HVAC commercial bonds, non-resident license bonds and plumber bonds.

Liquor Bonds

Guarantee compliance with federal and state laws pertaining to the sale, manufacturing and warehousing of alcohol.

Lottery Bonds

Required for any establishment with a lottery machine. This bond guarantees proper use of the machine to ensure there is no abuse to the state lottery system.

Notary Public Bonds

Required by state statutes to protect against losses resulting from any improper actions of notaries.

Motorcycle Dealer Bonds

Guarantee that motorcycle dealers comply with laws and required tax payments. In some cases, this bond also guarantees payment of judgments.

Mortgage Broker Bonds

Guarantee that mortgage brokers will abide by state laws and regulations under the mortgage broker license code.

Public Official Bonds

Guaranteeing faithful performance of official duties, public official bonds are generally for the protection of taxpayers.

Title Bonds

Also known as certificate of title bonds, defective title bonds and lost title bonds, these bonds are required to register a vehicle or other property due to a lost or defective title.

Utility Bonds

Financial guarantee bonds that ensure the payment of utility bills.

Warehouse Bonds

Guarantee that goods stored in a warehouse will be delivered on presentation of a receipt.

Why Crestway Group

The Crestway Group (CWG) can help your company your Commercial Bonding we are here to serve you! The price will depend on the nature of your business and how much of a risk your employees might be, but most bonds are relatively inexpensive compared to other forms of insurance. Contact our a team member in Bond Division to speak with a bonding specialist we will be happy to assist you.