Commercial

Is a surety bond the same as insurance?

No. Insurance protects you against unexpected losses. A surety bond protects the party requiring the bond if you fail to perform your obligations. Critically, if a surety bond is paid out, the surety seeks full reimbursement from you. You are expected to repay the surety. This is why bond underwriting reviews your credit and financials. Most Georgia contractors need both a bond (required for licensing) and general liability insurance (covers accidents and property damage on the job). They serve different purposes.

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Is a surety bond the same as insurance?

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