Bonds Are an Important Way to Protect Your Illinois Business


Fiduciary

An insurance bond that assures the faithful performance of a fiduciary, or person trusted to administrate an estate or act as a guardian or trustee.


Bid Bonds

A security required to bid a job.


Performance

A bond issued by an insurance company to guarantee satisfactory completion of a project by a contractor and therefore guaranteeing a contract.


Payment

A surety bond posted by a contractor to guarantee that his or her subcontractors and material suppliers on the job will be paid.


License & Permit

Required by a municipality as a condition of granting a license or permit to engage in a specified activity. This bond guarantees that the party seeking the license or permit will comply with applicable laws and regulations. A business that hangs signs over public walkways, for example, may be required to provide indemnity guarantees for injuries to pedestrians.


Employee Dishonesty

Protects employers against employee dishonesty, including theft, embezzlement, and other dishonesty-related employee damages. This coverage is also known as crime coverage, infidelity bond, or crime fidelity insurance.


Court

Surety bonds that establish personal credibility and financial integrity of those who may be involved in a lawsuit.


Notary

Bonds that assure the legal, ethical, and faithful performance of a notary.

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