ALL California employers must provide coverage for their California employees
Surety Bonds for California's Contractors, Businesses and More
Or call us at (818) 735-7600
Surety Bonds In California
A large number of California businesses are required to have surety bonds in order to conduct business in the state. These surety bonds are also often required by clients, vendors, and other businesses in order to begin a job or project. JVRC Insurance can provide any type of surety bond for all business types and sizes, including contractors.
Business surety bonds can be provided by many classes depending on your needs. See a few listed below:
- Contractors License Bond
- Construction Bond
- Bid, Performance & Payment, and Supply Bond
- ERISA Bond
- Fidelity Bond
- Contract Bond
- Fiduciary Bond
- Crime and Employee Theft Bond
- And much more …
JVRC Insurance has a wide range of options for all classes of California surety bonds. We pride ourselves on this fact due to the particular way these bonds are underwritten. It generally does not take long at all to provide you with the best surety bond option for you. Depending on your personal credit, business financial strength, or project size will determine the cost of each bond.
A California surety bond is considered a three party agreement. This is purchased to guarantee to the obligee (project owner requesting that you carry one) that the principal (contractor or other business) is capable of fulfilling the contract to completion with all other contract demands honored as well. If the contract is not fulfilled, then the obligee can request the total amount from the surety bond which is then expected to be paid back in full by the principal within a specific time frame. We can provide all the necessary info you may need to help you better understand your surety bond needs.
Contact Us for Your Surety Bonds In California
JVRC is the best insurance broker for surety bonds in California. If you’re interested in a quote, want us to review any current surety bonds, or just simply have some questions, contact us today.
Get a Business Insurance Quote
Frequently Asked Questions about Business Insurance
Why is California Workers Comp Insurance so expensive?
Largely because of claims that occur, experience modifications, fraud and payroll amounts statewide
Where do we get the information we post on our blog site?
The Department of Insurance website, The WCIRB, The Insurance Journal and many other trusted sources
What is an experience modification?
It’s a percentage that compares the payroll and loss history of your company to a similar-sized company within the same industry. For example, if a company has a better than average loss record, their experience modification would be less than 100%. If that is the case you would receive a credit on your Workers Comp rates. If that is not the case however it would result in the opposite, an increase in rates. The experience modification can be closely compared to an individual’s credit score.
Why is Workers Compensation Insurance a necessary requirement?
It is illegal in the state of California to not carry it. There will be penalties, fines and many other consequences if a worker is injured and you do not carry it. Furthermore if there is a claim and you do not have California Workers Compensation Insurance at the time the employer is still liable for all costs relating to the injury which can be devastating to any company.
How does your insurance carrier determine what your experience modification number is?
This is calculated based on your payroll, premium paid and by your reported losses for the last three consecutive years
Who regulates and makes California Workers Compensation laws?
The Department of Insurance regulates the laws and the State Senate makes them
What is a Classification or a class code?
It’s a component used determine the price an employer pays for their workers’ comp insurance premium. Classifications are established for each industry and typically include all jobs or operations within a particular business.