Commercial Bonds in Vermont

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Commercial bonds are specialized insurance products that help protect businesses should they significantly fail in their responsibilities. They may give liability protection in covered situations.

• Auto, motorcycle and agricultural equipment dealers
• Mortgage brokers and title insurance providers
• Licensed contractor, electricians and plumbers

Milk Dealer Bonds
Hay Dealer Bonds
Livestock Dealer Bonds

What are commercial bonds?

Businesses in certain industries assume significant risk whenever they sell products/perform services, and sometimes the risk requires extra protection. Commercial bonds may give Vermont businesses the extra protection they need.

Commercial bonds are specialized insurance products that help protect businesses should they significantly fail in their responsibilities. They may give liability protection in covered situations.

What Vermont businesses need business bonds?

Business bonds are usually used when a business’s failure would result in significant loss for the customer. Vermont businesses across many industries might need/want these bonds. For example, the following businesses may purchase a bond:

Auto, motorcycle and agricultural equipment dealers
Mortgage brokers and title insurance providers
Licensed contractors, electricians and plumbers
Gas stations and liquor stores
Public notaries and auctioneers

Governments too sometimes purchase bonds for public officials or other purposes.

What types of business bonds are available from insurers?

In order to serve the many different businesses that need bonds, insurance companies offer a variety of business bonds. Most bonds provide specialized protections for certain businesses, and the protections can be quite specialized even within an industry.

A survey of the agricultural industry bonds that are available shows how specialized these products can be. Ag bonds can include:

Milk Dealer Bonds: Often required for dairy farms and other dairy distributors
Hay Dealer Bonds: Often required for farms that sell hay to others
Livestock Dealer Bonds: Often required for auctioneers and businesses that sell livestock
Produce Dealer Bonds: Often required for farms and others that sell fruits/vegetables
Grain Dealer Bonds: Often required for farms and others that sell grain crops
Ag Equipment Dealer Bonds: Often required for sellers of large agricultural equipment

Auto dealer bonds likewise can be specialized for car dealers, motorcycle dealers, boat dealers, mobile home dealers, snowmobile/ATV dealers and others. These bonds generally are required and serve to ensure the public that dealers will abide by applicable laws.

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Some other examples of bonds that are available to businesses in other industries include:

ARC Bonds: Usually guarantee that payments collected by travel agencies are properly forwarded to the correct airlines
Fuel Tax Bonds: Usually guarantee that gas stations and fuel delivery companies properly remit taxes
Liquor Bonds: Usually guarantee compliance with both federal and state laws that govern the sale, manufacturing or storing of alcohol
License/Permit Bonds: Usually guarantee that professionals will abide by local, municipal regulations
Lottery Bonds: Usually guarantee the proper use of lottery machines that sell state lottery tickets
Notary Public Bonds: Usually protects against improper notary actions that result in substantial losses
Mortgage Broker Bonds: Usually guarantee compliance with state laws and the mortgage broker license code
Warehouse Bonds: Usually guarantee the safe delivery of stored goods upon the presentation of a receipt
Utility Bonds: Usually guarantee full payment of correct utility bills

Because business bonds are so specialized, businesses should work closely with an insurance agent who knows these bonds well. A knowledgeable agent will be able to steer businesses toward the bonds that are right for their industry and situation.

How much are the rates for bonds?

Rates for these bonds vary significantly. The protections that a bond provides, its limits and deductibles, and other factors commonly influence the cost. Even with variance among rates, however, bonds tend to provide a lot of coverage in light of their cost.

How can Vermont businesses get Commercial bonds?

For assistance with commercial bonds, contact the independent insurance agents at Paige & Campbell Insurance. Our agents have helped many businesses in Vermont get the bonds that they need, and we have the expertise necessary to assist your business too.

General Liability Insurance In Vermont