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Surety Bonds

Looking for a surety program tailored to you? We offer surety bond solutions for contractors and businesses of all sizes. 

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Surety Bond Options

Our Surety Products

Commercial & Business Bonds

Do you serve as a fiduciary or notary? Is your business required to maintain a license? There are many reasons you may need to be bonded. Westfield can help you get there.

Contract & Construction Bonds

If you work in construction and need to bid on an upcoming project or guarantee, or provide a financial guarantee for your work, a contract bond may be the right option for you.

WesExpress Contract Bonds

Bonds for small business contractors! This rapid response, personal credit-based contract bond solution serves small and emerging contractors as well as those with infrequent bond needs.

What Is a Surety Bond?

Whether you’re a small contractor, large freight broker, or something in between, a surety bond simply guarantees that your business will perform the agreed-upon services. There are always three parties involved in a surety bond: the principal, the surety, and the obligee.  

  • Principal (you or your business) – purchases the bond to guarantee quality and completion of contracted work.
  • Surety (Westfield) – issues the bond and financially guarantees your ability to complete the contracted work.
  • Obligee (the entity requiring the bond) – needs a guarantee that you will complete the contracted work.

If you do not complete the work as  contracted or fail to pay your bills, the obligee can make a claim for payment from the bond. When a surety bond company approves and pays a claim, they expect to be reimbursed. In other words, as the bond principal, you are financially responsible for approved claims.

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Defining Key Terms

Surety Bonds vs. Insurance

How is a surety bond different than insurance? Put simply, insurance helps protect you while bonds protect a third party. Let’s break down what we mean by that.

Business insurance policies, including general liability and workers’ compensation, pay your business in the event of a claim. They help you and your business avoid financial losses when things like theft, property damage, or injury occur. On the other hand, surety bonds pay the obligee if a claim is made 

When Do Businesses Need Bonds?

A wide range of businesses may need commercial or contract bonds. That’s because these bonds provide a financial guarantee or assurance of compliance with contractual agreements or federal and state regulations. In fact, both commercial and contract bonds are often required by law. While there are a variety of reasons why businesses or professionals may need a surety bond, here are some common scenarios. 

  • A business owner needs a bond to guarantee the payment of state sales taxes.
  • A contractor must provide a bond when bidding on a public project. 
  • An executor of an estate needs a bond to guarantee that they execute their duties in accordance with the law.
  • A notary is required by law to submit a surety bond with their application.  

Now that you know when bonds are needed, you may be wondering how to get bonded. The first step is to contact an agent.

Hear From Our Customers

I just wanted to say thank you. To say you guys are a breath of fresh air would be an understatement.

– Surety Bond Customer

Westfield Is Your Surety Bond Expert

Surety bonds can be highly complex, so having the right team by your side is critical. When you choose Westfield, you’re aligning your business with a legacy of trust, common sense underwriting, and nationwide presence. 

But you don’t have to take our word for it — Westfield is T-Listed and rated “A” (Excellent) by AM Best. On top of all that, our team of surety professionals are dedicated to fostering long-lasting relationships, creating customized surety solutions, and supporting your business plans.

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Navigate the world of surety bonds with confidence. Begin your surety journey with Westfield today.
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Surety Bonds

Frequently Asked Questions

The application process for a surety bond is quite similar to obtaining a loan from a bank. You will need to supply information like business and personal financial statements and references. This is because the surety company needs to make sure you and your company are reputable, financially stable, and able to fulfill your bond obligations. 

There is no one-size-fits-all solution to surety bonds. To determine your surety bond rate, an underwriter will assess a variety of factors, such as your credit score, industry type, financial history, and the type of bond required .

In addition to protecting the obligee, a surety bond can also boost customer satisfaction and trust in your business. Being bonded shows that your business is reputable and financially sound. 

No! For starters, not all surety companies will provide every type of bond. More importantly, many sureties may not be well versed in your industry. Make sure you’re choosing a trusted company with the right experience and a history of financial stability. 

At Westfield, our surety professionals are committed to building relationships with our clients and providing customized service. Plus, they have centuries of combined experience in insurance, engineering, construction, accounting, law, financial services, and more.