Increased Bonding Capacity
Increasing 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. And less competition usually comes with better profit margins.
Tips for Increasing Bonding Capacity
Beyond partnering with the right surety agency, there are several things you can do to make increasing your bonding capacity more likely:
The best way to obtain the points above, of course, is by 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.
CSBA is the Right Surety Agency
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 breath 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.