Surety bonds are purchased by principals to protect third-parties from a failure to meet contractual obligations. There are 4 main types of surety bonds. Contract surety bonds and commercial surety bonds protect private and public interests and are the most common. Fidelity surety bonds and court surety bonds protect against theft and litigation and are…
All Insurance Articles - Page 15
Self-Insurance: Definition & How It Works
Self-insurance (also known as self-funding) allows small business owners to create and manage their own insurance plans, without being subjected to the restrictions and costs of working with larger traditional insurance carriers. However, self-insurance does come with a high level of risk and liability. We want to preface this article by stating that self-insurance is…
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What Makes a Better Business Insurance Broker? An Interview with Embroker CEO Matt Miller
Insurance is a highly regulated industry with the prices of policies fixed by regulation. If a small business goes to a hundred insurance brokers and asks for a quote for a particular type of insurance from a specific insurer, the price quote will come back the same a hundred times. Traditionally, insurance policies sold to…
What Do Small Businesses Need to Know About Insurance Costs?
How much does insurance cost for small businesses? Sounds like a simple question, right? As with many things, the answer is a resounding, ‘it depends.’ Let’s take a look at the factors involved and see how much business insurance might cost for you. There are two basic kinds of small business insurance: professional liability and…