What Are Construction Surety Bonds?
The construction industry regularly involves large agreements between contractors and their clients, and clients often want reassurance that contractors will uphold their portions of these agreements. Construction surety bonds are one way contractors provide that reassurance.
Construction surety bonds may be more like lines of credit than traditional insurance policies, but a number of insurance companies offer them.
As experts in the bonding arena and with a thorough knowledge of its unique details and requirements, we offer a wide variety of options to guarantee commercial and personal obligations are met.
We offer bonds from $1,000 up to $500 million. With our Contractor's Express Program we can obtain up to $500,000 in bonding for you within a 24 to 48 hour period, with only minimum information required.
What Businesses Need a Construction Surety Bond?
Most businesses in the construction industry can benefit from having a surety bond. This includes (but isn’t limited to):
- Tradespeople (e.g. electricians, plumbers, etc.)
- Small general contractors and home builders
- Contractors dealing with environmentally hazardous materials (e.g. asbestos)
- Constructions companies specializing in roadways and utilities
How large a bond these businesses need depends on the scope of their project. All of these businesses, however, work on sizable projects where clients may request a bond as reassurance.