A surety bond is a form of guarantee. Workers compensation is an insurance program. There is absolutely no relativity.

A non-surety bond is a guarantee by the signer for the amount of the bond. There is no cash or property required as collateral. In the court system, a non-surety bond can also guarantee a "promise to appear".

No, a surety bond is a form of guarantee for perfomance or payment, not an investment product.

Bail bond

Surety bond.

Bail

How long you need a surety bond depends on the obligation the surety bond is guaranteeing. If you have a contract that lasts five years, you may need a surety bond for that five year period. There are hundreds of different types of surety bonds to guarantee all different kinds of obligations.