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Commercial Bonding

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Commercial Bonding

Product Overview

Owning a business means taking risks. At Prince Insurance Group, we offer a variety of bond and license services to ensure that your business is protected. There are many bonds from which to choose, that can be issued for an extensive range of situations and choosing the right bond to suit your needs can be a difficult task. Our agents at Prince Insurance Group will work with you to develop a business solution to help meet all of your bonding goals.

Resources

Download Commercial Bonding Insurance resources. 

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Assurance for You and Your Business

Bonds help you look after the interests of your growing business. An important distinction exists between a company being “bonded” and being “insured.”

In addition to providing quality surety products, we also provide various licensing and permit services to ensure that your business runs to the letter of the law.

Our business solution services include:

  • Performance Bonds
  • Contractor’s Bonds
  • ERISA Bonds
  • Fiduciary Bonds
  • Sub-Division Bonds
  • Court Bonds
  • Conservator Bonds
  • Surety Bonds
  • Fidelity Bonds
  • Public Officials
  • Liquor Licenses

If you need a bond or license, contact an agent at Prince Insurance Group today who can help you find the surety products that keep your business covered.

We provide bonding and license services to businesses near Wheat Ridge, Denver, Lakewood, Thornton, Arvada, and Broomfield. Contact us to learn more about bonds today and how we can help you and your business.

Benefits

Prince Insurance Group helps find the right insurance for you and your needs.

Affordable

Our team works with you to find the most affordable options for your situation.
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Flexible Options

Our products are flexible and we work to find insurance specific to your needs
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Unbeatable Service

We are just a phone call away throughout our entire relationship.
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Common questions about Commercial Bonding Insurance

Get quick answers to some of the most asked questions about commercial bonding insurance. If you have additional questions, please contact us.  

Surety bond: what is it?

Surety bonds are party agreements split three ways between the Obligee, Surety, and Principal (this individual will be either the applicant or contractor). A surety will be the party that is positioned behind a Principal’s performance. Sureties evaluate a Principal’s willingness and ability to perform. It provides an approval stamp by way of a bond. In the event that a Principal cannot satisfy the agreement’s terms, then the Surety will resume responsibility and reimburse the Obligee.

Who will benefit from them?

An obligee will be the beneficiary if they are under a certain surety bond. However, if a Principal won’t or can’t perform, then the Surety will step in for the sake of following through on the obligation of the Principal. An Obligee has obligations as part of the bond. Obligees that cannot fulfill whatever the responsibilities are (as per an agreement or contract) nullifies the liability of a Surety or Principal.

Are they considered insurance?

For the most part, bonds are a unique type of insurance. A Surety is typically the insurance company involved. A Surety bond isn’t the same thing as insurance; however, the beneficiary will be an independent party. If the Principal follows through on what it promises, then a Surety won’t be obligated to pay or perform. The Principal will be the primary party responsible as per the bond. The Principal must reimburse a Surety for expenses or claims that the Surety incurs in the event that a Principal doesn’t follow through on the terms of their agreement.