Bonds in West Liberty, KY

In certain situations, it may be impossible for your company to follow through on plans, regardless of effort or dedication. Circumstances beyond your business’s control can quickly and harmfully influence its ability to deliver promised services, potentially leading to significant financial consequences. Bonds may be essential to your company’s risk management and loss control measures.

What Are Bonds?

Bonds related to insuring your business’s financial interests should not be confused with savings bonds purchased as investments. These loss control measures can offer similar financial protection as traditional insurance policies but typically apply to a single client or project rather than providing a coverage period. Bonds can come in many forms and may be customizable according to your company’s needs and clients’ preferences.

Types of Bonds

Although there are many types of bonds, many fall under the following classifications:

• Surety bonds are often used by businesses to provide financial protection and peace of mind to clients, customers and the general public. When purchasing these products, your company is securing a means to compensate other parties should it prove incapable of fulfilling contractual obligations to expected standards.

• Fidelity bonds, also known as honesty bonds, may be an essential investment for your business if you have access to clients’ property or premises. If your employees, including contracted workers, commit dishonest, fraudulent or criminal acts that impact another party, the right fidelity bonds can help provide compensation and limit out-of-pocket consequences.

Why Are These Measures Important?

Bonds can play a necessary role in securing your clients’ financial interests. Additionally, having the right bonds in place before an issue occurs can limit your business’s losses and reduce the risk of being sued. In many cases, clients may also require you to secure certain bonds before being eligible for a job. As such, these loss control tools can directly impact your prospects.

We’re Here to Help

Contact Ison Insurance Agency today to learn more or explore and identify suitable bonds.