Considering that both bid bonds and performance bonds are essential to the construction industry, it’s important to understand the details of a bid bond vs. performance bond. There are several key differences between the two that not only help your bidding on projects but can grow your contractor business if both bonds are handled well. …
When discussing surety bonds vs. insurance policies, it’s important to understand the key differences, because they have very different purposes and ways of obtaining them. Since surety bonds are often called “surety bond insurance” or “surety insurance,” it’s easy to understand why the differences between the two become blurred to contractors. To help dispel any …
Surety Bond vs. Insurance Policy: What’s the Difference Read More »
Contractors sometimes stick with those they’ve worked with in the past, including remaining with their insurance agent to get bonded, without considering whether it is best for their business. It’s understandable to remain with someone you know, but by doing that you’re forgoing the advantages of working with someone who specializes in surety bonds. This …
Difference Between Surety Specialist & Insurance Agent Read More »
The Infrastructure Investment and Jobs Act recently passed by Congress and signed by President Biden allocates a total of $1.2 trillion over the next 10 years. $550 billion of that is new funding for construction, which will be spent in the first 5 years. Various sources estimate that California will receive approximately $44.6 billion during …
What the Infrastructure Bill Means for CA Contractors Read More »
In the surety world, the term “aggregate bonding capacity” is used to refer to the total amount of credit extended by a surety company to a particular contractor at any one time, and it is probably one of the most misunderstood aspects of surety programs for contractors.
Navigating the process to obtain a payment bond for a construction project can be overwhelming without the proper support. Part of our mission at CSBA is to help contractors understand the world of surety bonds so they can grow their business and win more projects. We’ll begin by discussing what payment bonds are and then …
How to Apply for a Payment Bond for your Construction Project Read More »
New construction companies face a special set of hurdles when beginning, as any business does. It’s not just getting set up that causes barriers, but it’s getting the bonding in place to allow you to pursue the projects that will help your business grow. This means getting the right bond program can be critical to …
What Sureties Look For When Bonding Newer Construction Companies Read More »
In the surety world, the term “aggregate bonding capacity” is used to refer to the total amount of credit extended by a surety company to a particular contractor at any one time, and it is probably one of the most misunderstood aspects of surety programs for contractors.
Whether you’re new to the bonding process or have been working with a surety agency for a significant amount of time, it can be difficult to determine whether or not you’re getting the service you deserve. Working with a surety company is a long-term partnership, so unlike getting your car worked on or some other …
4 Ways to Determine if You Are Getting Top-Notch Service From Your Surety Agent Read More »
The Small Business Administration (SBA) formed the Surety Bond Guarantee Program in 1971 in an effort to increase the small business participation in federal, state, and local government contracting. To accomplish this, the SBA provides participating surety companies a guarantee for the bid, performance and payment bonds they write to contractors enrolled in the program. This allows the surety …
How the SBA Bond Program Can Increase Your Bonding Capacity Read More »