There are many financial products that help a construction company to grow, both in the private and public sector. Two of these products, a surety bond and a line of credit, can be helpful in becoming more successful. Knowing the difference between the two can help your business to grow. Surety Bonds vs Lines of […]
Read moreHave you been told that a surety bond is the same as insurance? Or that insurance is better than a surety bond in the field of construction? There are contractors, who feel, that construction bonds are not necessary in order for their business to succeed. Unfortunately, these are often the same contractors who do not […]
Read moreYour relationship with a surety bond producer is like any relationship. It needs to be a good match for what you are looking for. A healthy relationship with your surety bond producer can be beneficial. It can help lower your stresses at work and help your business grow. But, what should you be looking for […]
Read moreThe worst outcome has happened, you have had a claim filed against your business. What to do now? As this can be a stressful time, having someone in your corner can help lift a huge weight off your shoulders. This is where a surety bond producer as your advocate can be of enormous help. A […]
Read moreWe’ve emphasized, in previous blogs, that a contractor has control in avoiding claims. The best way to avoid having a claim filed is to make sure that the contractor fulfills and documents all contractual obligations. But, if the contractor is not able to fulfill the contractual obligations, a claim may be filed. This will hurt the […]
Read moreThe U.S. service sector is a growing industry and has expanded over the last decade. A service industry includes any form of outsourcing, such as human resources, IT, leadership development, home cleaning services, in home personal care, etc. If a company outsources, it is important that they protect themselves from any form of negligence or fraud. […]
Read moreIn the contracting world, there are some myths about surety bonds. Do you really need one or is it just an added protection, for a costly price? This leaves the contractor with a decision to make: avoid the project or work without a surety bond. Below we dispel some of these myths: The first misconception […]
Read moreSurety bonds are a financial guarantee between three parties in a legally binding contract. These three parties are the obligee, the principal, and the surety. In essence, the surety guarantees payment of a specified maximum sum or compensation in case the obligee incurs any damages or loss caused by the actions (or a failure to […]
Read moreWhen it comes to surety bonds, insurance agents can encounter several hurdles. These can range from problems obtaining bonds, slow service or uncompetitive rates. In order to remedy this, insurance agents have two options. They can outsource their bonding business to another insurance company, with a sub-specialty in surety bonds, or develop a relationship with a surety bond […]
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