Bonds & Voluntary Life Insurance

Bonds

License or Permit Bond

• Purpose: Required by states, cities, or counties for a contractor to legally operate.
• Protects: The public and government by ensuring the contractor follows local laws, building codes, and licensing rules.

Bid Bond

•  Purpose: Used in the bidding process for larger projects.
• Protects: The project owner by ensuring the contractor will honor their bid and sign the contract if chosen.

Performance Bond

• Purpose: Guarantees the contractor will complete the project as outlined in the contract.
• Protects: The project owner from financial loss if the contractor fails to finish or does poor-quality work

Voluntary Life Insurance

Voluntary life insurance is an optional benefit that gives employees the opportunity to purchase additional life insurance coverage at group rates through their employer. Unlike employer-paid basic life insurance, this coverage is paid for by the employee through payroll deductions.

It provides financial protection for your chosen beneficiaries in the event of your death and can help cover expenses such as funeral costs, outstanding debts, or income replacement for your family. Employees typically have the option to elect different coverage amounts and may also purchase coverage for a spouse or dependent children.