We Can Help Your Small Business Put Together Surety Bonds
A small business that specializes in contractor services can often face a seemingly endless list of obstacles and challenges when it is first starting out, whether these hurdles come in the form of acquiring adequate capital, securing talented personnel, or successfully bidding on major contracts that can quickly boost a company’s exposure and reputation. One way to acquire those contracts is to obtain a surety bond.
A surety bond is as insurance policy that is instituted between the contracting company, a third-party insurance company, and the client who wishes to have work performed. The bond provides a guarantee that the contractor will fulfill the terms of the contract or agreement and offers the contractor the ability to provide a surety bond rather than a cash deposit when securing the contracted work. The bond offering in lieu of cash is extremely beneficial for a small business that can do the job but just doesn’t have the cash capital to secure the contract.
If the original contractor is unable to complete the work, the insurance company issuing the bond is obligated to find another contractor to finish the project or provide financial compensation to the client for any monetary loss incurred.
If you need assistance with surety bonds for your small business, the professional agents here at Schumacher Insurance Group can work closely with you to determine what you need and what the most advantageous options are for your company to obtain needed bonds. Contact us today to find out more about how we can help your business in your quest for success.