Business & Commercial Insurance
Surety Bonds Insurance in Tennessee A surety bond is a contract between three parties—the principal (you), the surety (us) and the obligee (the entity requiring the bond)—in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond. We take pride in our services and help that we offer to our customers. Reyes insurance has deep roots within the community and therefore people trust our business and values. Reyes insurance is always here to serve you better. We hope to provide you with state-of-the-art experience. We help everybody it does not matter if your credit is bad or if you do not have credit.
We are such an independent agency. This gives us the power to get quotes from multiple homeowners insurance providers, ultimately giving us a good opportunity to save you money. We can do it without cutting corners or sacrificing coverage. When you contact us, our Tennessee home insurance agents go to work to maximize your dollars. See for yourself online with a visit to our website. Fill out some simple information and get on online a free quote. You can quickly see how much you can save. You can also get an auto quote online as well.
SBA PROGRAM
The SBA Bond Guarantee Program is designed to help small businesses obtain the bonds they need to participate on larger projects that require bonds. In recent years the program has been streamlined to help make it more accessible. Reyes Insurance is experienced in utilizing the program and helps many contractors each year obtain bonds they might not have otherwise been able to obtain.
ERISA bonds
Protect your savings
Never get your hard-earned money go to waste. With the ERISA bonds protection will ensures that the fiduciaries never mishandle your funds at all.
Nothing hidden
Each detail is disclosed to you once the bond has been purchased. It is highly advised to get this bond to protect your amount in line with the US Department of Labor.
Utility bonds
Definition In simple words, it is a financial guarantee that makes sure that a person or business will pay for the utilities on time. It is related to the customers that show a projection of spending large sums of utilities.
Cost of the bond The cost of the utility bond varies according to the type of utilities that are being used. In general, it is anywhere between 1 – 10% of the total bond amount.
Why is the utility bond needed? If a customer tends to use a large number of utilities such as electricity, restaurants or campgrounds the utility bond is required by the companies that offer such utilities. It is important that the utility bond is purchased from a valid financial institution such as Reyes insurance to safeguard your interests.
Bid bond
Definition
It is a type of construction bond that protects the owners during the bidding processes. It is a guarantee that the construction company provides to the project owner that if they are unable to meet certain specs then the owner would be compensated.
How does it work?
These bonds have been specifically developed to make sure that the contractors never win a contract by placing low bids. It is important on the other hand to honor the bid in its genuine form. To protect the owner in this regard the bid bond has been created to overcome issues between parties.
Cost of the bid bond
It all depends upon the cost of the project. Small projects require only $100 – $200 as bid bond surety. For large projects, the bid bond amount can be as high as $2,500.
License bond
Definition
This is a type of commercial surety bond that is required by the businesses to be purchased before they can be issued a license. It is a requirement on the Federal and state level.
Types of license/permit bonds
There are many types of license bonds. Most important ones are mentioned as follows:
- Auctioneer Bond
- Appraisal Management Company Bond
- Airline Reporting Bond
- Auto Dealer Bond
- Contractor License Bond
- Collection Agency Bond
- Credit Service Organization Bond
- DMEPOS Bond
- Energy Broker Bond
- Federal Maritime Commission (FMC-48) Bond
- Freight Broker Bond (BMC-84)
Cost of license bond
The cost of this bond depends upon the licensing importance for which it has been gained. Typically, it is 1% of the total bond amount. Reyes insurance has bond specialists to determine the health of the business before making a quote.
Maintenance bonds
Definition
It is a type of security bond that protects the owner of the completed project for a specific period. It is a protection against defects in work, faults in materials or craftsmanship. The pricing of the maintenance bond is calculated in a different way than the other or regular bonds.
Cost of the bond
It solely depends upon the credit score of your company.
Auto dealer bond
Definition
Every auto dealer before starting an auto business should acquire this bond. It not only protects the customers from the unethical practices for which the dealers are known but also show that the dealer is financially stable.
There are several advantages which you will enjoy if you contact Reyes insurance to acquire auto dealer bonds such as lowered price, duration and a personal credit score of the owners of the business. Our assessment is highly accurate, and it also makes sure that getting such a bond is not a problem at all.
Fidelity bond
Definition
There are two main purposes of a fidelity bond. It can either protect the business from the theft of employees or the business clients by the theft of employees. In general, the fidelity bond is raised for both purposes.
Types of fidelity bonds
There are 3 main types of fidelity bonds i.e. the business service bonds, employee dishonesty bonds, and ERISA bonds. Each bond has its specific purpose and can be sued against if an employee has shown any malpractice which has led to the financial loss of any kind.
Cost of fidelity bonds
The coverage is all that decides the cost of the fidelity bonds. If a business needs coverage of $100,000 then a fidelity bond of $300 – $400 is required per year. If there are more coverage clauses involved then the premium can be higher.
Lottery bonds
Definition
As the name shows, if a business plans on to sell lottery equipment on a commercial level then they are required to obtain a lottery bond. It is a state level protection against the misuse of lottery funds or tampering with the equipment.
Low credit score? No problem
It is a fact that if the credit score falls below 650 then the customers can have a problem. To overcome these contact experts are Reyes insurance for better assistance.
Performance bonds
Definition
The performance bonds are issued to guarantee that a certain project would be completed by the contractor in time and as per the directions of the owner. Reyes Insurance also makes sure that through the bonds the future contracts are also secured.
How do these bonds work?
It is important to know that these bonds are required by the government while the contracts for roads and bridges are sealed. It is also important to protect the taxpayer’s money. The owners i.e. the government does not have to suffer losses at all if the contractor fails to fulfill a part of the job.
Cost of the bond
For small projects, the bond can cost up to 1% of the total bond value. For large projects it can raise up to 1.5% – 2% to make sure that the full guarantee of the work completion is provided to the owner.
Contractor bonds
Contract Surety Bonds are mostly required on construction projects to guarantee the performance and or payment portions of an underlying contract. Typically the project owner or general contractor will require a Bid Bond and if awarded the project Payment & Performance Bonds in order to perform work on the specific project. Maintenance Bonds may also be required after the completion of the project.
Notary bond
Definition
In most states, the notary public is required to purchase the notary bond. In simple words, the malpractices of the notaries can be sued against in presence of this bond.
How do these bonds work?
In the case of notary fraud or misconduct these bonds can be sued against to get the compensation from the notaries. It is customer protection is the sole idea which these bonds provide and therefore they are highly in demand.
contact us
Reach us through
- 3606 W Andrew Johnson hwy Ste #14, Morristown, TN, 37814.
- +1 (423) 677-0398
- reyesinsuranceandservices@gmail.com sandrars@reyesinsuranceandservices.com
- Monday-Friday 10:30 A.M. - 06:00 P.M. Saturday By Appointment Only
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MAIN OFFICE
3606 W Andrew Johnson hwy Ste #14, Morristown, TN, 37814.
Hours of operation
Monday - Friday 10:30 A.M. - 06:00 P.M. and Saturday By Appointment Only
CONTACT US
sandrars@reyesinsuranceandservices.com, reyesinsuranceandservices@gmail.com
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