What does SBG mean? Read on to discover the definition & meaning of the term SBG - to help you better understand the language used in insurance policies.
The surety bond guarantee (SBG) program is program run by the U.S. Small Business Administration (SBA) to guarantee bid, performance and payments bonds for individual contracts worth $6.5 million or less for small and emerging contractors. To be eligible, they would need to meet the requirements of the SBA; however, the program is helpful because in many cases, these contractors are not able to obtain surety bonds through the available regular commercial channels.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of SBG. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: