{"id":680,"date":"2019-07-22T21:47:10","date_gmt":"2019-07-22T21:47:10","guid":{"rendered":"https:\/\/www.performancesuretybonds.com\/blog\/?p=680"},"modified":"2022-01-24T16:03:56","modified_gmt":"2022-01-24T16:03:56","slug":"surety-bonds-vs-insurance-policy-infographic","status":"publish","type":"post","link":"https:\/\/www.performancesuretybonds.com\/blog\/surety-bonds-vs-insurance-policy-infographic\/","title":{"rendered":"Surety Bonds vs. Insurance Policy: What\u2019s the Difference? [Infographic]"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-681\" src=\"https:\/\/www.performancesuretybonds.com\/blog\/wp-content\/uploads\/2019\/07\/Surety-Bonds-vs.-Insurance-Policies-Infographic_v1.jpg\" alt=\"Surety Bonds vs. Insurance Policies - Infographic_v1\" width=\"600\" height=\"4314\" \/><!--more--><\/p>\n<p>Surety bonds and insurance policies sound a lot alike, but they\u2019re actually quite different:<\/p>\n<h2>Who\u2019s Involved?<\/h2>\n<p><strong>Surety Bond \u2013 <\/strong>Bond agreements are between the obligee (the entity that requires the bond), the principal (you), and the surety (the bond company).<\/p>\n<p><strong>Insurance Policy \u2013 <\/strong>Insurance agreements are only between you and the insurance company.<\/p>\n<h2>Who\u2019s Protected?<\/h2>\n<p><strong>Surety Bond \u2013 <\/strong>The obligee (often a state government) is protected because the surety agrees to pay if the principal does not.<\/p>\n<p><strong>Insurance Policy \u2013 <\/strong>You are protected because the insurance company agrees to pay if you file a claim on your policy.<\/p>\n<h2>Who\u2019s Responsible?<\/h2>\n<p><strong>Surety Bond \u2013 <\/strong>You are financially responsible for any claims made against your bond. If the surety company pays initially they will attempt to collect the sum from you.<\/p>\n<p><strong>Insurance Policy \u2013 <\/strong>The insurance company covers all or most of the cost of the claim beyond what you pay as a deductible.<\/p>\n<h2>What\u2019s Affordable?<\/h2>\n<p><strong>Surety Bonds \u2013 <\/strong>The cost is calculated based on the size and type of the bond as well as the credit history of the principle.<\/p>\n<p><strong>Insurance Policy \u2013 <\/strong>The cost is calculated based on the value of the asset being insured (eg car, house) and your estimated risk of filing a claim.<\/p>\n<h2>Which Do You Need?<\/h2>\n<p>Many businesses are required by their state government to obtain both surety bonds and insurance policies. Investigate how the laws apply to your business. Then <a href=\"https:\/\/www.performancesuretybonds.com\/ref\/contact-us\/\">contact Viking Bond<\/a> to find the exact surety bonds you need to fulfill the state obligation.<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-680","post","type-post","status-publish","format-standard","hentry","category-infographic"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Surety Bonds vs Insurance Policy: The Difference [Infographic]<\/title>\n<meta name=\"description\" content=\"Many people do not know the difference between surety bonds and insurance policies. 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