Bond insurance in Scranton, PA isn’t legally required for all businesses. However, certain industries, such as notaries and service-based companies, may be mandated to obtain bonds. Even if it’s not needed, bond insurance is a thoughtful consideration for any business.

Protecting Against Employee Dishonesty

There are various types of bond insurance, including fidelity bonds, which are specifically designed to protect businesses from employee dishonesty. These bonds can protect your company against theft, embezzlement, and other types of fraudulent activities. Fidelity bonds are particularly prevalent in the financial sector, where trust and security are of paramount importance.

Building Consumer Trust

Bonds are widely used in service industries such as plumbing and construction. These bonds ensure that projects are completed as promised, providing customers with an added layer of protection. They also cover issues like contractual failures or damages caused by negligence while the company is on the job. By having bond insurance, businesses can build trust and credibility with their clients.

Meeting Local Regulations

Many local governments require contractors to meet specific regulations, including having bond insurance, to bid on projects. Securing bond insurance before seeking new jobs ensures you comply with local requirements and are ready to take on new opportunities. Contact Bartal Insurance to determine which bonds are necessary based on local regulations.

Encouraging Business Growth

Bond insurance can open doors to exciting growth opportunities, such as establishing connections with local government entities. It also fosters business expansion by increasing consumer trust. Simply informing customers that your business is bonded can give you a competitive edge and help your company thrive.

At Bartal Insurance, we help businesses obtain the bond insurance they need for their specific industry. Our knowledgeable customer service representatives are available to answer any questions you may have. Contact us today to discover your options. We proudly serve the Scranton, PA area.

When reaching out to Bartal Insurance in Scranton, PA, for your business insurance needs, bond insurance may not immediately spring to your mind. However, in the state of Pennsylvania, certain industries are legally required to have bond insurance.

Industries That Require Bond Insurance

A diverse array of individuals, companies, and municipalities that need to meet legal requirements buy bond insurance in Pennsylvania. The mining industry tops the list as one of the best-known industries in the state that needs bond insurance. That said, it’s not the only one. Title insurance agents and insurance holding companies need bond insurance too. Whether you work as an independent construction contractor or run a construction company with employees, you will need bond insurance in Pennsylvania. Each industry requires a different amount of bond insurance. For instance, a title insurance agent must buy a minimum of $100,000 bond insurance.

How do you know if you need bond insurance?

To ascertain whether you require bond insurance, consult the Pennsylvania Insurance Department website. As the government entity supervising insurance in the state, it provides the state legal codes pertinent to bond insurance and other types of business insurance. State-level offices of industry registration where professionals must register also provide this information. For instance, when a plumber’s apprentice is ready for their state certification, the office of registration gives them a list of requirements to complete their license application.

Contact our Insurance Agency in Scranton, PA Today

Make sure your business in Scranton, PA, has the proper insurance to operate legally. Reach out to Bartal Insurance today to obtain your state-required bond insurance.