Contractors need construction surety bonds for a variety of reasons, from guaranteeing project completion to giving the project owner or general contractor peace of mind.
To be successful, contractors must be selective with the projects they bid on, the equipment and materials they use, and the subcontractors they hire. Most contractors would agree that prequalifying subcontractors is a must-do to ensure you get quality subs, but how to go about it in the best way can be a bit of …
Is your Surety Agent’s Slow Response Costing You Business? As with any type of professional service, there are some standards that, if not met, can cost your business money, such as timeliness. Your surety agent can be a great help to your bonding capacity, securing surety bonds, and planning ahead in your business goals, but …
Is your Surety Agent’s Slow Response Costing You Business? Read More »
With the new year around the corner, it’s the ideal time to look ahead and plan for your goals and business needs, including the surety bonds you’ll require. It can appear contradictory to plan for bonding capacity and bond sizes for jobs when you may not know what the required bond size will be, but …
There are types of professional relationships that are best when long term, like with doctors, brokers, or insurance agents, and your relationship with a surety agent is no different. To establish a relationship with a surety specialist requires work on both sides if it’s going to be mutually beneficial and long-lasting, which we detail below. …
Change orders are standard in the construction industry, because no set of plans is perfect, and the project site conditions are rarely what they are portrayed to be. The change order can make for headaches for both the project owner and a contractor, partly because they may not always agree on the change or the …
How Do Change Orders Affect Your Surety Capacity? Read More »
It’s easy to think that any surety agent will do the trick when your business needs a bond, but you’d be missing out on a lot of opportunities for help and to improve your company. Surety agents have a set of skills and professional expertise that applies to more than surety bonds. In fact, the …
How the Right Surety Agent Can Help Your Company Grow Read More »
Hiring a subcontractor is a regular necessity in the construction industry, and it often raises the question of whether a prime or general contractor should require their subcontractors to provide performance and payment bonds to them. Subcontractors aren’t typically required by the owner of the project to provide bonds to the prime or general contractor. …
Does Requiring Bonds from Subcontractors Increase Bonding Capacity? Read More »
Surety bonds are an essential part of doing business as a contractor, and there are several types you’ll run into while bidding on or engaged in construction projects. While some surety bonds are more obscure and uncommon, other more common types should be understood. Part of that understanding is first identifying which surety bonds are …
Everyone makes mistakes in business, but mistakes made while growing your construction business can risk the long-term health of your company and harm its survival. It’s easier to make mistakes when growing, especially when growing rapidly, as you’re still getting the business up and running as well as finding your footing in the construction industry. …
7 Common Mistakes Contractors Make When Growing Too Fast Read More »