No, and they work in opposite directions. A bond is a three-party arrangement: a surety guarantees your performance to whoever the bond protects, pays that party up to the bond amount, then comes back to you for what it paid plus its costs. The bond amount is usually an aggregate for the term, so one claimant can exhaust it. What conduct a bond reaches is set by the statute requiring it rather than by a policy form, and several California bonds reach ordinary violations, unpaid wages or failure to perform rather than dishonesty alone. Errors and omissions coverage is the reverse. You buy it for yourself, it transfers the loss instead of lending it to you, and it hires and pays for a lawyer to defend you. A bond does not defend you at all.
Related FAQs
Yes, and the date is 1 January 2034. Corporations Code section 16956 is written to be repealed then and replaced by a version covering only accountancy and law. The ...
Yes. California publishes an export list of coverages the Insurance Commissioner has found are not reasonably available from admitted insurers, reviewed at an annual public hearing. For professional services ...
Professional liability has no standard industry form, and that is the main reason quotes differ. General liability policies commonly start from a shared industry template, so two quotes are ...
Ready to get started?
Talk to an advisor or request a quote. The form takes about five minutes, with no commitment. Be insurance wise.
OR
