It's important to understand the difference between a surety bond vs insurance. In nearly every case, if you're required to purchase a surety bond, you'll also need to purchase insurance.
This video will help you understand the difference between a surety bond and insurance so when you need to purchase them, there will be no surprises.
If you're confused about what a surety bond is:
- 00:08 - Surety bond and insurance similarities
- 00:13 - Overview of the three main differences
- 00:20 - Difference 1: The Beneficiaries
- 01:05 - Difference 2: The Premium
- 01:46 - Difference 3: The Parties Involved
- 02:45 - The recap