In many lines of business, your word is on the line every day when you make promises to clients. Breaking those promises, whether because of your own issues or problems with people you work with, can negatively impact your business, even causing you to close your doors.
Surety bonds were created as a solution for business owners who rely on promises as part of doing business. They back up your word in case something happens and you’re unable to fulfill a contract. Like other bonds, surety bonds are backed by banks, savings and loan institutions, credit unions, finance companies, and insurance carriers.
Surety Bonds in Action
Some of our most frequent purchasers of surety bonds in Portland, Gresham, and Beaverton, Oregon are people in the construction industry. Both large building companies and independent contractors use these bonds.
When taking construction jobs, builders and contractors agree to a timeline for the client. However, sometimes delays occur that make it impossible to keep to the schedule. Weather, shipping problems, or subcontractors who don’t show up can all be a disaster. But with a surety bond, if the client takes legal action, the business owner isn’t stuck paying for their inability to meet the contract. Their business isn’t at risk financially to pay for any damages awarded.
Bonds for All Types of Businesses and Professions
Construction professionals aren’t the only ones getting peace of mind from surety bonds. We offer bonds for many different business types and trades:
License and Permit Bonds
Receiver or Trustee Bond in Bankruptcy
Fidelity and Financial Institution Bonds
Independent Insurance Agents with Expert Surety Bond Advice
If you’re not sure what type of surety bond is right for your business or how much coverage to purchase, our independent agents are here to help you. You’ll appreciate our expert knowledge and personalized service too.
Call Chamberlain Insurance Agency at 503-256-1448 to learn more, or feel free to reach out online with a message or request for a quote. Don’t let a broken promise derail your business. Get in touch today.