Read the latest news regarding Commercial, License, Permit, Contract, Court and Fidelity Surety Bonds, and how upcoming changes will affect your business. Check out our glossary page for more information on Surety Bond terminology.
Ask any contractor who’s preparing to bid on a public project, and they’ll tell you: you need to be bonded and insured. Both requirements show up in bid documents, both involve premiums, and both are designed to manage financial risk. So it’s easy to assume they’re two versions of the same thing. They’re not. Contractor … Continue reading “Surety Bonds vs. Insurance in Construction: Key Differences Contractors Need to Know”
Read MoreNote: This article covers contractor and professional license surety bonds and not immigration detention bonds or bail bonds. If you’re a contractor, business owner, or professional working in the United States but not a U.S. citizen, you may be wondering whether you can qualify for a surety bond. The good news is: yes, you generally … Continue reading “Can I Get a Surety Bond If I’m Not a U.S. Citizen?”
Read MoreIf you’re a contractor or business owner looking to take on larger projects or expand your operations, increasing your bonding capacity is a critical step. Bonding capacity is essentially the maximum amount of surety credit a bonding company is willing to extend to you. It determines how big a job you can bid on and … Continue reading “How Do I Increase My Bonding Capacity?”
Read MoreBond underwriters typically review business financial statements, ownership-backed financial strength, and cash-flow indicators to gauge capacity, risk, and pricing for your bond. Essentially, when you apply for a surety bond, the underwriter is trying to answer a simple question: Can you meet the obligation the bond guarantees? For many principals, especially contractors pursuing contract bonds, … Continue reading “What Financial Information Does a Bonding Company Look At?”
Read MoreIf you’re applying for a surety bond, whether it’s for a construction project, a business license, or a court requirement, your credit can influence what you pay and, in some cases, whether you need extra underwriting steps. Since a surety is taking on a risk and expecting reimbursement if a claim is paid, many surety … Continue reading “How Does My Credit Affect My Bonding”
Read MoreWhether you’re a contractor bidding on a public works project or a small business needing a license bond to operate legally, surety bonds can seem confusing. Before you sign any paperwork, it’s important to understand the basics so you can go into the bonding process fully informed. What Is a Surety Bond? A surety bond … Continue reading “What You Need to Know Before Purchasing a Surety Bond”
Read MoreSurety bonds guarantee a principal’s performance or compliance to an obligee, and they protect the obligee if the principal fails to meet a bonded obligation. Even with strong projects and compliance programs, disputes and defaults can happen, and bonds are designed to provide a defined claim process when they do. If you’re an obligee or … Continue reading “How Do You Make a Claim on a Surety Bond?”
Read MoreDuring construction projects, the ability to file a bond claim helps project owners and other stakeholders protect themselves against a contractor failing to meet contract obligations. For contractors, these bond claims can result in direct costs, damage relationships, and make future bonding more difficult. Fortunately, many claim triggers come from issues you can control with … Continue reading “How to Avoid Bond Claims Through Better Project Management”
Read MoreMulti-year construction contracts bring long-term revenue and project stability, but they also introduce a bonding challenge most contractors don’t anticipate. Surety bonds are usually issued in one-year to three-year terms, which means they can expire well before your project wraps up. Without proactive renewal management, that timing gap can stall your project, trigger a default … Continue reading “How to Handle Bond Renewals for Multi-Year Contracts and What Happens If Your Bond Expires Mid-Project”
Read MoreGetting bonded can feel like a major hurdle for new or small contractors. Whether you’re just starting out or transitioning from residential work to commercial projects, limited experience can make it harder to qualify for surety bonds. But the good news? With the right strategy and support, you can build credibility, secure bonds, and grow … Continue reading “Bonding for Contractors With Limited Experience”
Read More
