You’ll like our bonding process.
We’re sure of it. NFP Surety is a national insurance broker that provides fast and trusted surety bonds across the U.S. There’s no type of bond we cannot cover!
All Surety Bonds
Why Should I choose NFP Surety To Get Bonded?
NFP Surety is a national insurance broker committed to building business relationships based on trust and transparency. Since opening our doors in 1984, we subscribe to a no-nonsense approach to business. NFP Surety has the expertise to get you bonded quickly and accurately in all 50 states. We cover ALL types of surety bonds. And when we say fast, we really mean it. Some types of bonds we can get to our customers the same day.
Our application process can be completes in minutes online, or you can give us a call. We’re happy to get you bonded quickly so you can move business forward.
What is a Surety Bond?
A surety bond is a legally binding document that guarantees terms of a contract will be fulfilled.
When a business or individual buys a surety bond, what they’re essentially saying is “I promise to hold up my end of the deal.” This party will incur penalties if it fails to uphold terms of the contract.
In essence, surety bonds are a useful way to provide accountability and transparency when reaching a formal agreement. These bonds create a legally binding contract among three parties:
Obligee: Party requesting the bond
Principal: Party obligated to buy the bond
Surety: Insurance company with financial backing to ensure claims will be paid if the principal does not fulfill the contract’s terms
Surety Bonds are a mix of insurance and credit. They are a form of insurance for the obligee as they shield the party from damages if the contract is breached by the principal. Surety bonds function as a credit for the principal because claims must be repaid to the surety by the principal. This ensures that the company buying the bond will honor the contract or else face financial penalties if claims arise.
Though surety bonds are made to protect the obligee, they can make the principal more competitive because they express trustworthiness. As a business owner, you want to make sure you follow through on a deal. Surety bonds prove that you’re a credible company that stands by its word. That’s absolutely crucial when potential customers are deciding which companies to do business with.
How does the surety bonding process work?
Our short online application makes the process easy. The first step in the bonding process is figuring out what type of bond you need. Unsure where to begin? Talk to us. A bonding agent will speak with you to explain anything that is unclear on the application because we believe in getting the job done right the first time.
We know the bonding process can be complex, so let us do the hard work for you.