Business Assurance: Bonding vs Insurance
Once we are up and running as business owners, we just like any CEO are constantly seeking to maximize our profits and the first step typically begins with cost cutting. We do the analysis, try to find waste, and begin trimming the fat. Customer satisfaction and business protection should not be attributes we consider sacrificing in seeking to find ways to lower our expenses. Today let’s talk about business protection or insurance. Insurance protects your business from property and liability claims. That’s why most business owners buy general liability insurance. Being Bonded means that an insurance and bonding company has procured funds that are available to the customer contingent upon them filing a claim against your business. If you are a contractor or other type of business owner, you may have good reason to explore what it means to be surety bonded.
Is there a difference, yes. Click the link below for a great illustrated description from AUbuildingScience:
We hope that this information has been beneficial to you! Thank you for reading!
We are small business owners and not financial advisors. This information was provided free of charge with the intent of helping you based on our personal experience and research at the time of publishing. Please do your due diligence and research on this information and more for yourself and consult a professional financial advisor before making any decisions that could have major impacts on your financial well-being.
