Surety bonds are agreements under three parties – the surety, obligee, and the principal. In layman’s terms, one group (surety) assures a client (obligee) of top-notch performance on a job order, which is expected from the contractor (principal). This type of insurance is common in the construction industry.
There’s a lot more types of insurances out there, covering a wide array of specific situations that can befall any company today. Know more about them by consulting with firms like Allied Insurance Managers, Inc. that provide dependable business insurance in MI and nearby locales. Secure your business’ future today.