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What Is a Performance Bond?​

A performance bond, also known as a contract bond, ensures that a project will be completed according to the contractual agreement. 

Why Do I Need a Performance Bond?​

Most federal projects in Indiana require a performance bond. Many private firms also require them. This protects a firm and ensures that the contract will be completed. 

  • Performance Bond Example: A firm is in the process of building a new restaurant and sub-contracts the electrical wiring. The general contractor will require the sub-contractor to have a performance bond. If the sub-contractor fails to do the electrical work, the bond can be called upon for damages.

How Much Do Bid Bonds Cost in Indiana?​

The cost of a bond depends on the size of the project mentioned in the contract. Typically, the bond is calculated as a percentage of the project cost. This percentage becomes lower as the cost increases. Our local Wexford Insurance agents work hard 24/7 to find you the best rates. 

How Do I Get a Performance Bond?​

A performance bond is obtained using a surety agency. Wexford Insurance is a trusted surety agency that can help you obtain a bond quickly, while finding you the best rate for your company. 

What Is the Difference Between a Bid Bond and a Performance Bond?​

A bid bond is replaced by a performance bond once the bid is accepted and your company begins to work on a project.

Get a Free Quote:

Give us a call today at 317-942-0549 or fill out the link below to start your bond insurance quote. Our local agents can help you decide which coverage is best for you.

Contact Our Indiana Insurance Agents 

Wexford Insurance focuses on Indiana bonds
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