Bonds & Security
If you need an insurance bond to bid on or get hired for a new job call us. We're insurance bond experts and we'll get it taken care of you... Fast!
SURETY BONDS FOR CONTRACTORS & BUSINESSES — SOUTH CAROLINA
Insurance Bonds & Security
for
South Carolina Businesses
Need a bond to bid on a contract, get licensed, or protect a project? Priority Insurance is your local bond expert in Greenville, SC. We work fast — because in the construction and contracting world, waiting on a bond means losing the job. Call us and we'll get it taken care of — fast.
✔ Bid Bonds
✔ Performance Bonds
✔ Payment Bonds
✔ License & Permit Bonds
An insurance bond — also called a surety bond — is a legally binding three-party agreement that guarantees a specific obligation will be fulfilled. Unlike traditional insurance, which protects the policyholder, a surety bond protects the party receiving the work or service if the bonded party fails to meet their contractual or legal obligations. Bonds are commonly required for construction contracts, government projects, professional licenses, and regulated business activities in South Carolina.
Bond vs. Insurance — what's the difference?
With insurance, the company pays covered claims and doesn't seek repayment. With a surety bond, if a claim is paid,
you are still responsible for reimbursing the surety. A bond is essentially a line of credit backing your ability to perform — which is why your financial stability, work history, and credit all factor into the underwriting.
HOW BONDS WORK
The Three Parties in Every Surety Bond
Every surety bond involves three distinct parties with defined roles. Understanding them helps contractors and business owners in South Carolina navigate the bonding process with confidence.
The Principal
The contractor or business owner who purchases the bond. The bond backs your promise to perform — you are responsible for fulfilling the obligation.
The Principal
The contractor or business owner who purchases the bond. The bond backs your promise to perform — you are responsible for fulfilling the obligation.
The Surety
The bonding company that underwrites and issues the bond — guaranteeing that if the principal fails, the obligee will be compensated. Priority Insurance connects you with the right surety.
The Surety
The bonding company that underwrites and issues the bond — guaranteeing that if the principal fails, the obligee will be compensated. Priority Insurance connects you with the right surety.
BOND TYPES WE ISSUE
The Four Core Insurance Bond Types for South Carolina Businesses
These four cover the vast majority of what contractors and business owners in Greenville, Spartanburg, and across South Carolina need to bid on, win, and complete contracts.
Guarantees that if your company is awarded a contract based on your bid, you will enter into the contract and provide the required performance and payment bonds. Protects the project owner from a contractor who wins a bid but then backs out.
Required before submitting bids on most public and many private construction contracts in South Carolina.
Guarantees the contract will be completed in full accordance with all terms, specifications, and conditions. If the contractor fails to complete the work due to bankruptcy, abandonment, or default — the surety ensures the project is finished.
Required alongside a payment bond on most public construction contracts and many large private projects in SC.
Guarantees that all subcontractors, suppliers, and laborers will be paid for their work under the contract. Protects the project owner from paying twice if the general contractor fails to pay those working under them.
Required on most public contracts in SC and many private commercial projects. Often issued together with a performance bond.
Covers specific requirements integral to a contract but not directly related to performance — such as maintenance periods, warranty requirements, and environmental compliance obligations that must be met beyond the core scope of work.
Required when a contract includes specific non-performance obligations — common on government contracts and large commercial projects.
ADDITIONAL BOND TYPES
Other Bonds Priority Insurance Can Help You Secure
Beyond the four core construction bonds, we help South Carolina businesses obtain a wide range of additional surety and fidelity bonds required for licensing, compliance, and operations.
INDUSTRIES WE SERVE
Which South Carolina Businesses Typically Need Bonds?
Surety bonds are required across a wide range of industries in South Carolina — from construction contractors to licensed service providers.
Why South Carolina Contractors Choose Priority Insurance for Their Bonds
- We move fast. When you need a bond to submit a bid or start a job, we work quickly to get it issued — so you don't lose the opportunity waiting on paperwork.
- Bond expertise. Our agents understand the underwriting process and how to position your application for the best result — including businesses that have had credit challenges.
- Multiple surety markets. We work with multiple bonding companies — giving us flexibility to find the right surety for your situation, bond size, and industry.
- Bond + insurance in one place. Most contractors need bonds and commercial insurance. We handle both — so your agent understands your full coverage picture.
- Licensed in SC & NC. Serving Greenville, Spartanburg, Greer, Mauldin, Simpsonville, Taylors, and Fountain Inn — we know the bonding requirements for SC government contracts and licensing boards.
Common questions
Bonds & Security FAQs
How quickly can I get a bond?
Many smaller bonds can be issued same day or next business day. Larger bonds requiring full underwriting may take several business days. Call us as early as possible — the more lead time we have, the faster we can move.
Does my credit score affect my ability to get a bond?
Yes — sureties review personal and business credit, financial statements, and work history. Strong credit means faster approval and lower premiums. However, we work with multiple sureties and can often find options for contractors with credit challenges.
What is the difference between a bond and a certificate of insurance?
A COI proves you carry active insurance — protecting against accidental losses. A surety bond is a financial guarantee of your performance or legal compliance. Many SC contracts require both — a COI for liability insurance and a bond guaranteeing your performance.
If a bond claim is paid, do I have to pay the surety back?
Yes. Unlike insurance, surety bonds include an indemnity agreement. If the surety pays a valid claim on your behalf, you are legally obligated to reimburse them — which is why sureties carefully evaluate the financial strength of the principal.
Do I need a bond if I have general liability insurance?
In most cases, yes — they serve different purposes. General liability covers accidental injury and property damage. A surety bond guarantees your contractual performance or legal compliance. Most SC project owners and licensing boards require both.
Need a Bond Fast? Priority Insurance Has You Covered.
Don't lose the bid waiting on a bond. Serving Greenville, Spartanburg, Greer, Mauldin, Simpsonville, Taylors, Fountain Inn, and all of Upstate South Carolina. Call us today — we'll get your bond handled quickly so you can get back to work.