These days, more and more project owners are requiring payment and performance bonds from the contractors they hire.
Contractor surety bonds insurance provides important protection to project owners, but they can sometimes be difficult to get.
To resolve this problem, contractors should work with a business insurance agency that specializes in bonds and can offer them at an affordable rate.
How Do Payment and Performance Bonds Protect A Construction Project?
Contractor surety bonds are protection for construction project owners to ensure that owners receive the product that they’ve paid for.
There are multiple types of bonds available, with the most common being payment bonds and performance bonds.
Payment bonds ensure that contractors pay all of their supply, subcontractor, and other expenses at the end of the project, protecting the owner from that liability.
Performance bonds protect the project owner against their contractor abandoning the project before its completion.
In either case, these bonds purchased from a business insurance agency protect the project by covering any financial liabilities like money owed or incomplete work should there be a problem with the contractor.
What Bond Options Are Available to Contractors Today?
Due to the nature of how contractor surety bonds insurance works and the protection it provides, they can be difficult to obtain.
Payment and performance bonds are especially costly for contractors, but their project owners may demand that they purchase them.
In these cases, it is essential that contractors find a business insurance agency that can work with them to set up a bond for a single project or multiple bonds for multiple projects.
What Options Do Performance Bonds Offer?
Brad Hurt, partner at Service Insurance Group, LLC, discusses contractor surety bonds insurance in this short video, and the options available to local contractors seeking to satisfy the requirements of their project owner customers.
Performance and Payment Bonds Are Essential Contractor Protection
When project owners hire contractors to handle their construction projects, payment and performance bonds protect their interests against financial liability should a contractor fail to complete or pay for the project.
Contractors seeking those jobs must purchase the appropriate bond that shows their good faith to the owner.
Contact a business insurance agency experienced with contractor surety bonds of various types to purchase the coverage needed for each construction project.
Bonding helps construction companies to get more work and keep their project owners confident that their money is in good hands!
Having Trouble Purchasing Bonds in Bryan Texas?
Contact Service Insurance Group About Contractors Surety Bonds!
Call 979-300-7345 For More Information!
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