The Importance of Annual Insurance Reviews
An annual insurance review is one of the most effective ways to check if your current cover remains aligned with your business’ needs. Over the
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Performance Bonds
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At The Needham Group, your business is important to us. Whatever the size of your business, we pride ourselves on providing a business insurance solution at an affordable price. We compare and search our panel of commercial insurers to find cover that meets your needs and helps you be protected from the unexpected.
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Performance Bonds
The Needham Group's Brokers are experienced & Knowledgeable Insurance Professionals
We are able to offer highly competitive quotations on performance bonds for your construction, civil engineering and large scale contracts.
A client may ask you (the construction company) if you have Performance Bonds so in the event that your company goes into insolvency or bankruptcy, the bond will compensate for their financial loss and provide cover to help finish the project.
The Needham Group can arrange Performance Bonds in the event of non-performance by a contractor. A performance bond can be either ‘on demand’ or ‘conditional’
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James Dean
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what is a performance bond?
A performance bond is a financial guarantee provided by a bank or insurance company to ensure a contractor fulfils their contractual obligations.
Common in construction and real estate, performance bonds protect against contractor insolvency and project non-completion. – Investopedia
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performance Bonds
There are two types of performance bonds: conditional and on-demand (sometimes known as unconditional).
Conditional Bonds – The beneficiary must provide evidence of a breach of contract and demonstrate financial loss before a payout.
On-demand Bonds – Allows the beneficiary to claim funds immediately, regardless of fault.
Performance bonds are typically 10% of the contract value.
Construction performance bonds are often required in tenders for commercial, Local Authority contracts and real estate development.
If you’re bidding for a construction job, you maybe asked to provide performance bonds as a guarantee for the competition of the project.
Spring Home Maintenance
As the warmth of spring approaches, its easy to forget the damage that harsh winter may have done to your house. A bit of spring
Welcome Black Lion Broking Services Ltd!
At the end of December 2025, The Needham Group acquired Black Lion Broking Services. Black Lion Broking Services was founded in 2016 and is owned