A commercial surety bond is a legal contract that provides financial protection to one party in the event that the other party fails to fulfill its obligations. If you are in need of a commercial surety bond, it is important to work with a provider that you can trust. Here are some of the benefits of working with a trusted commercial surety bond provider.
What is a Commercial Surety Bond?
Before we dive into the benefits of working with a trusted provider, let’s first understand what a commercial surety bond is. A commercial surety bond is a three-party agreement that involves the principal (the party that needs the bond), the obligee (the party that requires the bond), and the surety (the provider of the bond). The bond ensures that the principal will fulfill its obligations as outlined in the contract.
Benefits of Working with a Trusted Commercial Surety Bond Provider
Now, let’s explore the benefits of working with a trusted commercial surety bond provider.
Access to a Wide Range of Bonds
A trusted provider will have access to a wide range of bonds. Whether you need a performance bond, payment bond, or license bond, they will be able to help you find the right bond for your needs.
Expertise and Industry Knowledge
A trusted provider will have expertise and industry knowledge. They will understand the complexities of commercial surety bonds and will be able to guide you through the process. They will also be able to answer any questions you may have and provide you with valuable insights.
US freight brokers must obtain a surety bond called BMC-84, required by the FMCSA, before they can operate. Also called Property Broker Bond or ICC Bond, it’s filed before a license is issued. PFA Protects can file it electronically for free. If you need FMC bonds, we offer OTI Bonds and NVOCCs Bonds. You can choose between a BMC-84 Freight Broker Bond or a BMC-85 trust fund when becoming a licensed freight broker. Consider the advantages and disadvantages of each option in our detailed article to make the right choice for your needs.
Competitive Rates and Fees
A trusted provider will offer competitive rates and fees. They will work with you to find a bond that fits within your budget, without sacrificing quality or coverage.
Expedited Processing Times
A trusted provider will offer expedited processing times. They will work quickly to get your bond issued, so you can focus on your business.
Assistance with Claims and Disputes
If you need to make a claim or have a dispute related to your bond, a trusted provider will be there to assist you. They will work with you to resolve any issues and ensure that you receive the protection that you are entitled to.
Working with a trusted commercial surety bond provider is essential if you need a commercial surety bond. With access to a wide range of bonds, expertise and industry knowledge, competitive rates and fees, expedited processing times, and assistance with claims and disputes, a trusted provider like PFA Protects can provide you with the peace of mind you need to focus on your business.