If you do work internationally, you need to be able to provide your clients with the assurance your work will stand up to the test of time. Luckily, the same kinds of surety bonds you would use as a risk management tool for yourself and your clients at home can work in other countries. You might need to modify your approach to make worldwide surety bonds conform to local laws in some nations, but that’s just a matter of working with the right bond provider. If your team issuing the bond is experienced with international marketplaces, they’re going to have the resources needed to not only set you up with the right bonds but to educate you about better risk management planning that uses both insurance and bonds.
Balancing Bonds and Insurance Coverage
As Moody points out in the primer on the topic, bonds are not a replacement for insurance coverage. The two take care of very different aspects of your risk management plan. Typically, bonds are there for your client’s peace of mind, while insurance is there for yours. If you don’t know where you are exposed and where you are covered, or if you are worried you have redundant resources in your risk management plan, working with experts who do both bonds and insurance can help you make sure you have exactly what you need.