Phoenix Bonding Insurance
About our Phoenix Insurance Company
PJO Insurance & Brokerage can help you get the bonding insurance you need, ranging from pay-performance bonds, permit bonds, license bonds, surety bonds, contractor bonds, sales tax bonds, and many more! We also assist you through the process by helping you fill out all of the required paperwork involved in getting bonding insurance. We provide these bonding services to Phoenix, Scottsdale, Cave Creek and other surrounding locations!
A bond is a three way contract between the contractor, your client and the insurance company. This bond is signed by the contractor and the insurance company, not by your client. However, your client is bound by the terms of the agreement that apply to him, such as paying the contractor for work performed. In the event that your client does not uphold his end of the bargain, you are not then bound by the contractual obligation any longer. The main types of bonding insurance we handle are contract bonds and license and permit bonds.
There are three types of contract bonds – bid bonds, performance bonds and payment bonds. A bid bond is an agreement whereby someone bidding for a job promises to perform all the points on the bid should they be awarded a contract. A performance bond guarantees the contractor’s performance on the work described in the agreement and includes such things as the cost of completion and cost to correct any deficiencies. A payment bond is for paying all third parties that a contractor hires in order to get the job done. As a contractor, this protects you from any potential liens that could be levied against you. Performance and payment bonds can be two separate bonds or can be done as one. The bond is not an insurance policy. It simply provides an extra layer of financial resources behind the contractor and a place to turn should something happen where the contractor cannot meet their financial obligations. PJO Insurance Brokerage can navigate you through bonds and the complicated language and various nuances to help you choose the exact bonding insurance in Phoenix Arizona for your needs.
Are you a new contractor that needs bonding insurance through a contractors bond? Every new contractor in Arizona must file a contractors bond and here at PJO Insurance Brokerage, we can help you get his bond so that you may obtain a license to be able to form a confidence and establishment with your clients!
Have a major build or installation coming up? You will need a permit bond to protect you and your company from financial losses, as this will insure you to compensate all parties in the event of an accident or other types of losses.
We can also help you obtain surety bonds, that are continuous with no termination or expiration date, to ensure you can maintain your contractor’s license. These types of Bonding Insurances are very important, so that your license will not be suspended, until you acquire another surety bond.
With our knowledge in bonding insurance and when certain types are necessary for personal and legal reasons, we can assist you in obtaining the bonding insurance that you need!
Bonding Insurances Opportunities Through PJO Insurance & Brokerage
There are many types of bonding insurance that you will need for the type of business you own and operate, from maintaining a contractor’s license, to pay performance bonds to protect your company, as well as permit bonds to insure and protect yourself from financial losses when building or performing commercial installations or even just large builds.
PJO Insurance Brokerage is proud to offer the community with bonding insurance and other services that all go hand in hand with protecting you and your company. It is within OUR best interest to the integrity of our company to be sure we take care of everything in YOUR best interests and the legal and bonding insurance needs of you or you business!
Phoenix AZ bonding insurance may arrive as an unknown term to new business owners. Basically, bonding insurance, also referred to simply as bonding, is a means of insuring against losses associated with insufficiency of competence, dishonesty or fraudulent acts. Businesses carrying this particular form of insurance are regarded to as being bonded.
Individuals working for firms that necessitate after-hours access like that of cleaning services, or those working for firms that negotiate with large volumes of money, such as armored car services, may require to be bonded. An employer or firm that is either mandated by law or that desires to improve credibility compensates for a fee to an insurer known as a bonding company. If a project is carried out inappropriately and ends in a loss for the consumer side, the consumer can report a claim for damages with the seller’s bonding firm. This reduces the financial perils for the consumer side.
Our overall goal is to give you a great Phoenix area company, as well as the opportunity to protect yourself and your business through a company that cares, and has the professional knowledge and experience to provide you with the proper and legal bonding insurance you need! Contact us today to see how we can help you obtain the right bonding insurance!