A Guide to Increasing Bonding Capacity
Improve Your Bonding Capacity
As your business grows, so inevitably will your bonding needs. Whether you are looking to pursue larger projects or your backlog is increasing, having the necessary bonding capacity is often the key that unlocks your ability to take advantage of those opportunities.
Increased bonding capacity is often a competitive advantage for contractors. It allows you to separate yourself from the pack and bid on projects that others can’t as less competition usually comes with better profit margins.
The Guide to Increase Your Surety Bond Capacity
To help California contractors understand bonding capacity and how to increase it, we’ve assembled this handy guide below to help you navigate the processes along with tips for increased capacity.
Work with the Right Surety Bond Agency
It’s important that you’re working with the right surety bond agency. They can guide you through all the ins and outs, make sure your financial statements and team are up to standard, and walk you through the entire process of increasing your bond capacity. In that spirit, we have put together articles to help you navigate increasing bonding capacity. We encourage you to read through the topics below to learn how it is calculated, and the steps you can take to increase it.
CSBA is the Right Surety Agency for the California Contractor
Anyone in business knows that experience, reputation, and relationships make all the difference. At CSBA, we don’t just dabble in bonds like many insurance agents. It’s all we do day in and day out. We eat, sleep, and breathe the construction and surety.
The trust with our surety companies has been built up over decades. We’ve done so by being selective in the contractors we work with, taking the time to get to know them intimately, providing guidance to help our customers avoid the many pitfalls inherent in the construction industry, and being proactive with both our contractors and sureties to ensure a smooth and effective relationship.
The front-end work we do helps our contractors be more successful, which has led to better contractors customers for our sureties with fewer claims against their bonds. It’s a true win-win, and as a result, our sureties put more trust and confidence in us than other agents, which ultimately allows us to get more done for our contractors.
In addition to our strong relationships, our position as one of the largest surety agencies in California enables us to represent more surety companies than other agents, some of which are semi-exclusive to us. This allows us to provide more options to our contractors to ensure we get a bonding program in place that meets their unique needs.