800 East Northwest Highway
Whether you’re a contractor looking for a complex bid bond or a business owner in need of a simple license and permit bond, Held Insurance Agency is here to help. We know that you can’t conduct business or win the job without the backing of a solid surety bond. We partner with only the most reputable and trustworthy surety providers.
A surety bond is a promise or guarantees to be liable for the debt, default, or failure of another. Bonds are three-party contracts by which one party (surety bond company) guarantees or promises the performance or obligations of a second party (principal) to a third party (obligee).
There are two categories of surety bonds:
Tom (principal) promises Joe (obligee) that he will do something. If Tom doesn't complete the job, Joe could lose money. Joe wants a guarantee that the work will be done. He asks Tom (principal) to get a surety bond. The surety bond company issues Tom (principal) a bond that protects Joe (obligee). Tom is responsible for completing his promise. The surety company is only responsible if Tom(principal) doesn't fulfill his promise.
While most surety products are similar in price and function, many providers vary when it comes to how quickly they can get a bond tailored to you. After all, there’s no such thing as a one-size-fits-all surety when it comes to your business.
Contact us today, and we'll help you protect what matters most. It’s Insurance Simplified to get surety bond quotes when you work with Held Insurance Agency. Our office is located in Mount Prospect, Illinois.