If you are in the service industry, you know all to well that things seldom go as planned. Luckily, there are bonds available that can help keep your company safe should something go awry and the person purchasing the service you provide decides to sue. While insurance is helpful, you should also have a variety of bonds to help provide financial compensation should you not be able to hold up your end of a contract. There are a variety of bonds available, but the following are the most commonly purchased. Do something good for your business and talk to an agent about getting the bonds you need to conduct business safely. It will ensure your company is stable for many years to come.
Contract Bid Bonds
When you place a bid for a service, you are guaranteeing that you will provide the services and products in the bid at the price quoted. If for some reason you are unable to meet the requirements of your bid, a bid bonds will provide financial retribution to the company who accepts your offer. Don't let the unexpected prevent you from being able to conduct business, and cause you to enter into a lawsuit that could damage the reputation of your company.
Performance Bonds
Once you enter into a contract with a person or business, you are legally required to meet the conditions of your contract. A performance bond is designed to provide money to the person receiving your goods or services in the event that you are not able to fulfill your requirements. Most performance bonds are not easy to attain, and are sometimes costly. They do, however, show a commitment to providing quality work that your customers can depend on.
Payment Bonds
If you network with other contractors in order to provide a service, then payment bonds guarantee that you will pay all of the suppliers and workers you use upon completion of the project. This prevents unpaid contractors from placing a lien on property, and is normally used to offer extra protection from the party initiating the contract. Keep your company free from financial liability by letting a bond offer peace of mind to your customers and contractors.
You owe it to yourself and your business to get the bonds you need to stay protected. Whether you need bid bonds, performance bonds, license bonds or payment bonds, the professionals at The Contractors Insurance Guru can help you. Call them today for your free quote and find out how easy and affordable it can be to keep your good name protected. No matter the size of your company, you can find the coverage you need to stay protected in the unpredictable world of contract fulfillment.
