Make Sure the Project for Your Small Business is Safe With a Surety Bond
If your company is planning to have any construction projects completed in the coming year, make sure your project is backed by a surety bond.
Ideal for small businesses, surety bonds provide protection for contract work and projects in the event of a contractor default. Surety bonds are provided by surety agents or independent insurance providers, and part of the bond’s provisions is that a replacement contractor will be selected to complete your projects if your original contractor cannot do so for a variety of reasons.
One of the reasons why a surety bond is also suited to the needs of a small business is because some contracts require financial guarantees that can reach into the millions of dollars. A surety bond gives the assurance of project completion to the company that is contracting the work to be done, enabling a small business to compete for project bids and contracts on equal footing with larger companies that have deeper pockets or less limited financial resources.
Don’t let the lack of a surety bond keep your company from securing project and contract work that you are capable of performing! Our professional agents here at Schumacher Insurance Group can help you obtain surety bonds for different contract and project bids or assignments. We can give you the bond backing you need to stay competitive in an already fierce market, so contact us today to find out more about obtaining a surety bond through Schumacher.