Dealing with business is a hell of a game. It requires you to be quick and fussy since the situation you’re in forces you to do so. And to better help you with that, you should get your company’s interest insured.
Setting your company’s interest first foot forward is always the mindset of a great business owner. You wouldn’t want others controlling you and your business; it should be the other way around. That is why you should always make sure that every transaction you make is ensured in itself. It will be pretty hard to take all that insurance process in every transaction your business ventures into.
Thankfully, these can be done with Surety and Fidelity Bonds. Ensuring your business’s interest and security firsthand can be done in a matter of paperwork and contracts. Surety and Fidelity Bonds will entail all the works to be fully ensured no matter the scale.
But what is the difference between the two?
Surety bonds are contracts that require the principal to make a monetary payment to the obligee should they fail to meet a duty declared on the contract. This is perfectly suitable for transactions running on a long-term basis like rents, leases, or other deals that require promissory actions. It protects the business by having a return in case the obligee fails to fulfill their obligations.
On the other hand, Fidelity Bonds is done within the business establishment, especially the employer and the employee. When an employee does a fraudulent act that affects the business or its interest, the company is ensured to receive compensation to accommodate any loss acquired in the act.
At Logos Insurance Services, we specialize in assisting you in locating the best insurance coverage for your specific needs. We continuously assess the company's or business's needs and find tailored insurance solutions to meet them while providing exceptional customer support to ensure a smooth and hassle-free experience. Contact us right away to assess the business risks and determine how to protect yourself best. You can also call us on our hotline (818) 860-4400 for more details.