The construction industry makes up a huge part of the surety bond market, as contract bonds generate approximately two-thirds of total surety premium written. Commercial bonds deter service industry professionals and businesses from taking advantage of consumers. Most commercial bonds are required as a part of a state’s licensing process. Thousands of surety bond types are out there, but some of the most utilized surety bonds fall into one of four major categories:
- License and Permit
- Construction Bonds
- Commercial Bonds
- Court Bonds