Are you looking for the right bonds to keep your company compliant with federal, state, and local laws? Or do you already have proper bonding, but are looking for a more affordable option?
Regardless of what you are looking for Contractors 1st Insurance can find you the right Contractor Bond you need to keep business rolling.
Contractors 1st Insurance is an independent insurance agency. This allows our agents to shop multiple carriers to find you the best bonds at an affordable price. With Contractors 1st Insurance you get a fast and accurate response every time!
How Does A Contractor Bond Work?
For every bond, it acts as a legally binding contract between 3 different entities.
- You the contractor is known as the principal.
- The client that requests that you have the bond is known as the obligee.
- The bonding company that backs the bonds is known as the surety.
If you are unable to complete the terms of the contract then the obligee (the client) can file a claim against the bond to keep from financial loss.
How Much Does a Contractor Bond Cost?
When shopping for a Contractor Bond there are a few things to keep in mind. The cost is based on your industry, the type of bond, your credit score, and the history of your company.
Regardless of your situation, there is a bond solution for you. We have been helping contractors just like you for years, to find the contractor bonds for specific needs.
Contractors 1st Insurance works with bonding companies that specialize in bad credit bonds. We can help you find the coverage you regardless of your situation.
Call 800-369-3703 to speak to an agent about our bonding options.
Types of Bonds Available:
- Performance Bond – A Performance Bond was created to make sure that you, the contractor, completes the project to the specifications of the project. If you are not able to complete the project, the project owner will not face any financial loss. The federal Miller Act requires that you have bonds for contracts that are over $100,000 and some state and local governments require a performance bond for contracts over $2,000.
- Bid Bond – A Bid Bond helps to make sure that your company is technically able and financially able to complete the project at the bid price. A bid bond lets the project owner know that you have the financial stability to accept that job you are bidding on.
- License Bond – A License Bond ensures that your company is operating under the laws and regulations set by local, state, and federal governments. They help to protect consumers from businesses operating outside the law. A license bond lets your clients know that you are stable and went through the proper steps to do the project the correct way.
- Payment Bond – A Payment Bond ensures that when the project is over that you are able to pay the sub-contractors, employees, suppliers, and other creditors that have helped you on the project.