How To Find a Construction Surety Bond Provider

As a construction company, you know that you need a variety of surety bonds to meet the requirements of project owners. However, finding surety bonds in construction that really protect you is more difficult. Here are three ways to find the best bond provider.

Do Background Research

Like any other purchase, before you buy a bond, do your research. Look for businesses that have been in business for many years, potentially backed up by an established insurance company. Read online reviews and ask other construction businesses about their experiences.

Bond Agencies Should Want Background

Once you’ve narrowed the field to a couple of competitors look for a company that relies on details to do business. A surety bond puts the bond company on the line too; they should be doing an extensive background check into your business. If they don’t need details, it’s a red flag.

Find the Coverage You Need

Finally, make sure the bond company provides all five types of bonds you may need:

  • License
  • Performance
  • Payment
  • Maintenance, and

Ensure they offer bond amounts that cover the full cost of the project so you aren’t stuck paying out of pocket for a breach. Also, discuss their silent services that can keep a project on track and reduce disagreements between the bond parties.

A surety bond in construction is more than a piece of paper, it’s coverage that can keep you in business. Find a bond partner that protects you.