Bonding for Contractors
Do contractors need to be bonded?
As a contractor, the choice to be bonded or not is yours. In many cases contractors choose to be bonded because their clients will specify if they are looking to hire someone who is bonded. Why? Because it means there is less risk for them if you fail to perform the required work.
Common types of bonding contractors should be aware of.
There are many different types of bonds you can secure for your business. Knowing what you need, why you need it and for how much can be tricky and confusing.
Here are some of the most common bonds contractors should consider and what they do:
- Pre-paid contractor bonds guarantee that you will always provide ethical and professional services.
- Bid bonds guarantee that the winning bidder will undertake the contract under the terms at which they bid.
- Performance bonds guarantee satisfactory completion of a project by a contractor.
- Labour and material payment bonds guarantee that subcontractors and suppliers are paid for the work and material they supply on the job.
- Maintenance bonds guarantee a contractor will either correct any defects that arise post project completion or that the owner is compensated for those defects.
CJ Campbell's experienced insurance brokers can help you decide what you need.
The best way to make sure you know you have the right mix of insurance and bonding is to talk to an experienced insurance broker. Someone who takes the time to review your contract or service agreement, your business history and growth plan. In order to provide the best service, your broker will need:
Your last three fiscal year end financial statements
- Your most recent interim financial statement
- A bank letter stating your operating line of credit
- All details and financials on all related corporations
Establishing a strong relationship with your broker will ensure you have what you need. And you'll know who to contact if you ever have questions. Speaking of questions, if you have any about bonding for contractors, we'd love to hear from you.
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