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Surety Bond vs. Insurance Policy: What’s the Difference

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 …

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Difference Between Surety Specialist & Insurance Agent

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 …

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4 Ways to Determine if You Are Getting Top-Notch Service From Your Surety Agent

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 …

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Building Contractors - SBA Bond Program can increase your Bonding Capacity.

How the SBA Bond Program Can Increase Your Bonding Capacity

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 …

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