I'm currently starting a car dealer business. I'm in the process of obtaining a surety bond. I currently have a c-corp. I will be obtaining a surety bond with a co-signer who owns a share of the company. My question is, if for some reason my company was sued for the amount of the surety bond, would both co-signers of the bond be personally liable, or would it just be the corporation that is liable to pay that back? If we are both personally liable and do not want to potentially have our personal assets on the line, would a good liability insurance police mitigate the risk of being sued for the bond?

I do plan to consult a lawyer, but I was just pondering this and was curious if anyone had any experience in this area. Thanks for your input.