No, unfortunately. Bonds and insurance are two completely separate means of financial protection. Insurance is basically a risk-transfer tool between two parties where individuals exposed to similar risks contribute premiums into a pool. Surety bonds act as three-party risk-mitigation contracts where financial loss is not expected.
Surety bond premiums typically cover only the costs of qualifying services and underwriting processes. Unlike insurance policies which act as a retroactive protection, bonds work as a type of credit where the principal is on the hook for claim payments in the event of default. As a result, bonds encourage professionals to act appropriately in order to avoid claims.