All Posts tagged Surety bonds

Surety Bonds Help Businesses in Multiple Ways

Surety Bonds Help Businesses in Multiple Ways

To be successful as well as financially secure, companies need insurance protection. The policies needed, however, vary based on several factors, including by industry, business track record, and client requirements. While many company owners know about and purchase liability insurance, they may not know about other important types such as surety bonds. For many businesses, surety bond insurance coverage can help in several important ways.

Win Contracts

Surety bonds can help businesses win contracts, especially if they are in the construction industry. Government entities at state and federal levels also usually require contractors to have surety bonds. This special type of coverage helps smaller companies competing for lucrative contracts show their value.

Earn Client Confidence

Surety bonds are legally binding contracts that ensure agreed-upon work will be completed. When businesses purchase this coverage, contractors are assured of that company’s trustworthiness.

Build a Work History

Just like young professionals starting out with the perennial question of how to get hired without experience, young businesses face the same dilemma. Surety bonds can help. Even new companies without a long history of jobs can more easily win prestigious contracts because clients are confident the contractual work will be done.

The right bonds help companies get contracts that propel them into the future. Surety bonds are valuable investments into companies’ long-term successes.

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The Importance of Insurance Coverage for the Construction Industry

The Importance of Insurance Coverage for the Construction Industry

The Importance of Insurance Coverage for the Construction Industry

If you own a construction company, you know the value of a good insurance policy. Having construction general liability insurance offers your business protection in many areas and allows you to operate safely on job sites and with other contractors.

Coverage Specifically for You

General liability coverage is necessary for businesses to operate and provides broad coverage to protect a business. You can build an insurance plan that takes the construction industry into account and delivers more protection in the form of the following:

Errors and omissions
Pollution liability
Workers’ compensation
Employment practices liability
Builder’s risk
Surety bonds

Insurance agents understand the risks involved in the construction industry and can run a thorough analysis of your company to pinpoint the specific risks you face and design a policy that caters to your needs. You may also require different coverages depending on how your business functions. For example, do you also work with masons and designers? If you do, you need insurance that handles that portion of your business, as well.

The construction industry is unique in terms of insurance needs, which is why there is construction general liability insurance specifically for the industry. Purchasing a policy that includes this coverage enables your business to safely work on projects and be covered if anything goes wrong.

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