When you work in construction or a similar industry, there are a few types of different insurance bonds you can add to your business repertoire that not only helps you, but also makes you more attractive as a contractor to potential clients. Unfortunately, a lot of shoddy contractors have jilted clients over the years, which makes a licensed and insured (bonded) contractor much more preferable when it comes to bigger jobs. Bonds are actually part of commercial insurance policies. If you’re confused about what types of bonds to procure to help improve your construction business, American Insure-All is here to help. Alternatively, if you’re specifically looking for a payment bonds insurance broker in Monroe, that is one of our specialties.
Essentially, a payment bond forms a deeper contract between the owner, the contractor, and the surety. This is slightly different than a surety bond, and it is typically used in conjunction with a performance bond, which ensures the owner or property holder that work will completely be finished to specifications.
Not only does it tie these three people together in a legal and binding contract, it also ensures that no matter what happens with the project, it will be lien-free. This not only gives property owners a sigh of relief, but also makes you much more attractive when bidding on a project. When used with a performance bond, owners know that the job will be complete and it will be correct, otherwise the bond holder (you in this case) are held legally responsible.
If you’re looking to up your construction game and need a payment bonds insurance broker in Monroe, call American Insure-All today at (888)411-AUTO to speak with a member of our staff. We’re here to ensure you’re properly insured.