Bonds in Illinois

Life is a wild ride. No one knows what is going to happen in future. Events that can cause financial loss can happen at the most unexpected times. At OnQuote Insurance in Chicago, IL, we are an independent insurance agency with exceptional management which translates to great services. We offer bond insurance. Bond insurance protects you against financial loss caused by the activities of another person. There are different types of bonds which include.

Surety Bonds

This type of bond guarantees a business performance, integrity and financial responsibility to complete a job. It also plays a role in ensuring a business will follow and keep promises in the contract. There are different types of surety bonds.

• Contracts bonds which include performance bond, maintenance bond, bond payment bond and bid or proposal.
• License and permit bonds that insures that a business follows the license and permit regulations. They include Home Improvement Bond, Electricians Bond, Plumbers Bond, liquor/beer bond, motor vehicle dealers bond. Real estate broker bond among others.

Some surety bonds are required by Illinois law. Your license provider can help you know the surety bonds that are a must to have.

Fidelity Bonds

This bond protects you if an employee misconduct leads to financial loss. If your business insurance doesn’t offer coverage for theft or embezzlement, fidelity bond will protect you. Commercial crime fidelity bonds offer protection to businesses against employees responsible for handling money. Some fidelity bonds include Cyber Liability, Mortgage Company Professional Liability (E&O), and Directors & Officers Insurance, Employee Dishonesty. Fidelity bonds are voluntary.

Having the right bond insurance policies in place helps the smooth running of your business. They protect you against financial losses that are caused by acts of another. Regardless of where you are in Illinois, we at OnQuote Insurance will be glad to help you acquire understand different types of bond insurance. Call or visit our offices in Chicago, IL and enjoy our exceptional services.