The contracting business is nothing if not competitive, so it’s important to have a strategy for setting your company apart from the competition when it counts the most. Surety bonds can help you give your most prestigious and important potential clients the assurance they need that your company will get the job done to standards that meet or exceed expectations.
What Is a Surety Bond?
According to iSure, surety bonds are a type of insurance coverage that financially guarantees a contract job will be completed according to the agreed-upon terms. The client knows they will be properly compensated for any losses or damages they may sustain should the project not be completed on time and as promised. The contractor gets to back up their word with something a lot more substantial than a handshake.
Do You Really Need a Surety Bond?
Can you still potentially land plum contracts without a surety bond? Of course, but you may be less likely to win highly competitive contracts and important clients who would prefer the protection a bond offers. Making sure your business, employees, and clients are protected by the right insurance is an important part of running your company right. If you’re a contractor, make surety bonds a part of the equation for the best results.