When you have an idea for a new business, there are a series of steps that you have to go through to ensure that your efforts are successful. Hiring a business advisor is one option if you don't have a background in business, but it will take you a lot longer to retain the information you need to run your company on your own. Online business articles are also good resources for those who want to get started in business, but it can be difficult to know what information will apply to your business in particular.
Although surety bonds are used in a wide array of industries and for a number of reasons, there are still quite a few misconceptions floating around about them. To ensure you're getting the right product for your needs, here is the truth about three surety bond myths.
Myth #1 – Surety Bonds are Insurance
Possibly the most common misconception about a surety bond is it is a type of insurance product.