In order to become a licensed contractor, not only will you need to fulfill your state’s training and educational requirements, but you’ll also likely have to purchase liability insurance. Nearly every state requires some type of general liability insurance for contractors — some states even additionally require you to have contractor bonds — before they can begin … [Read more...]
How Much Does a Surety Bond Cost?
A surety bond is an agreement between three parties concerning insurance for other people. The bond is only used when you fail to follow rules or regulations and includes: A principle: the party that needs the bond An obligee: the party that is protected by the bond A surety: the party that issues the bond General contractors typically obtain a surety … [Read more...]
What Are Bonding Companies, and How Should You Choose One?
Bonds are three-party contracts between guarantors (individuals, such as contractors), obligees (the entity requiring the bond), and bonding companies. Determining whether you need to get bonded, as well as for what purposes and for how much, depends on the nature of your work and the region you’ll be working in. In order to be licensed as a contractor in most states, … [Read more...]
What Is Bond Insurance?
[mv_video doNotAutoplayNorOptimizePlacement="false" doNotOptimizePlacement="false" jsonLd="true" key="qtvmajtwagtlljyucolm" ratio="16:9" thumbnail="https://mediavine-res.cloudinary.com/v1677181177/kxhgebsbst7ly2fbrc0j.jpg" title="What Is Bond Insurance?" volume="70"] Bond insurance is a risk mitigation tool commonly used in general contracting and similar fields. Also … [Read more...]
How to Get Bonded and Insured
[mv_video doNotAutoplayNorOptimizePlacement="false" doNotOptimizePlacement="false" jsonLd="true" key="yvnuzp1de5wazoecprtg" ratio="16:9" thumbnail="https://mediavine-res.cloudinary.com/v1677184886/xw9euy7hxbdaikwpvi85.jpg" title="How To Get Bonded And Insured" volume="70"] When you start a business, you want to take preventative and precautionary measures to ensure … [Read more...]