There are three criteria that will determine your bond premiums: the bond type, the bond amount, and the applicant’s level of risk. The professionals at BearStar are experts in obtaining bonds for our clients, whether your credit is spotless or challenged.
Also known as a “contract bond,” this is a surety bond issued by an insurance company to guarantee satisfactory completion of a project by a contractor.
Contractors will issue a Bid Bond to project owners as part of a bidding process. This provides a guarantee that the winning bidder will carry out the contract according to the bidding terms.
A Fidelity Bond protects policyholders against losses incurred by fraudulent acts by certain individuals, typically employees. Business owners will opt for a Fidelity Bond to insure against potentially dishonest acts by staff and other third parties.
CA Contractor’s License Bonds
Contractor’s License Bonds provide protection for three parties: you (the contractor), the company that hired you, and the state bond issuing agency. It’s an assurance that the contractor will always provide ethical and professional services. They also protect the public, allowing victims of unethical decisions to file against the bond for financial recompense.
CA Sales Tax Bond
The California State Board of Equalization (SBE) requires all California sellers to post a Sales Tax Bond. This surety bond guarantees that businesses will pay their sales tax in a prompt and timely manner, acting as a three-party agreement between the principal (the business), an obligee (SBE), and a surety (the bonding company). The obligee can file for reimbursement if the principal fails to meet their contractual obligations.
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