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8 Threats Manufacturers Face in 2023
As demand amps up, manufacturing companies have their hands full integrating new technologies and finding the next generation of talent. The industry faces a variety of threats, both general in nature and specific to manufacturing.
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You Lost Your Laptop, Now What?
According to the FBI approximately 2M laptops are stolen each year. Even worse, only 2% are recovered. Do you have a plan in place for tracking and monitoring all of your devices, both new and old? And when a device goes missing, how do you protect the data…
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Three Tips I Learned at an Insurance Convention That You Can Use in Your Business
With the upcoming 2022 IAOA convention, I wanted to provide a quick recap of how beneficial last year’s was. In three days, I learned so much, and I’ve already implemented several things in my agency to make my customer experience better, and our process in the business better.…
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The 5 Phases of Cyber Incident Response
While cyber incident response plans will differ based on a company’s size, assets and industry, they contain similar elements. All cyber incident response plans should be: Prepared in advance Detailed Tested Understood by those within the organization Drafted with industry best practices in mind Response plans help focus…
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CPAs: Why We Want To Meet You
We’re living in a world where technology has made a lot of things easier. My coffee can be ready to go by a certain time every morning without me pressing a button. I can see family miles away through a phone with crystal clear clarity. And I have…
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Exempt from Workers Compensation? BAD IDEA
In the state of Florida workers’ comp starts at 4 employees unless the owner exempts themselves. Then you can have four employees and an exempt officer. This is a common practice many are drawn to but is it the right approach for an officer? Let’s dive into this.…
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What Is The Difference Between Cyber Crime and Social Engineering
The differences between cyber and crime insurance are not well understood by many. You might be asking yourself “are social engineering attacks covered under insurance? Let’s find out! It is possible for the coverage of both fund transfer fraud and social engineering fraud to be obtained through both…
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Manufacturers: Why You’re An Ideal Cyber Target
Why are manufacturers such a large target for cyber threat actors? Let’s get into it. As connectivity continues to grow, the potential impacts may become broader and more significant. Manufacturers have become popular targets for ransomware attacks because they cannot afford being shut down for extended periods of…
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What Being In A PEO Tells An Insurance Agent
We’ve said it before and we’ll say it again, PEO have their place in the insurance world. They keep doors open and allow businesses to keep running. But what does it say about the business itself? A PEO is great when used the right way. They can get…
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4 Things You Lose In A PEO
PEO’s allow many to keep their businesses open but there are those that don’t need to be in that environment. Here are 4 things you LOSE when you’re in a PEO. Control Two things that allow you to control the impact on your revenue. MOD and dividends. With…
Read MoreFrequently Asked Questions
A bond in layman's terms is a way to secure a debt.
It is a way of you the consumer, being able to put up a little cost upfront that says “I am letting you borrow this money so as to your agreement to pay the face value of the said bond if ever needed”. In the real world, bonds can be issued by a government, municipality, corporation, federal agency, and other entities.
A surety bond is a contract between three parties. The person who is the recipient of an obligation, the primary party who will perform the contractual obligation and the person who assures the obligation will be done.
These bonds are a type of surety bond. They provide a proof and guarantee of ownership to the Department of Motor Vehicles. When no other form of documentation is available a Lost Title Bond shows the DMV that you are the “owner” of said vehicle.
Contractor bonds are one of the most “popular” bonds you will see asked for in the insurance space. Contract bonds are used in the construction industry by general contractors. They are a guarantee to a project’s owner that the general contractor will adhere to the contract put in place.
These types of bonds function as a guarantee to a government entity that a company will comply with a statute, state law, ordinance, etc.
Some examples are but not limited to:
- Contractors License Bonds
- Tax Bond
- Environmental Bonds
- Broker’s Bonds
- Motor Vehicle Dealer Bonds
- ERISA Bonds
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This is FAQ answer. Click to edit this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.