If you run a business or work in the construction industry, then you are likely looking for an experienced, professional, and reputable bid bond insurance broker to help you with contract management. Although the term “bonds” seems like something that you would need to go to the bank for, bond insurance works a little differently. Bond insurance helps businesses, such as construction companies to protect themselves – and their developers – after bidding for a project. To learn more about how bid bond insurance works, or why your business needs it for your projects, then call the team at American Insure-All today for a bid bonds insurance broker in Mill Creek.
Working with a reputable and experienced bid bonds insurance broker in Mill Creek can help businesses understand both sides of a contract as well as its terms before entering and officially signing the agreement. Bid bond insurance is also known as a surety bond, which is a risk mitigation tool or a form of credit for contractors and developers.
Consider an example: A developer receives a bid from a contractor for a project. In order to protect himself against an unexpected increase on the bid provided to him by the contractor, a contractor will secure bond insurance in order to protect the developer. Bid bonds also require that the contractor secures other necessary means of performance and payment bonds as required and as needed throughout the life of the project in order to guarantee the contractor’s performance and work.
For more information on bid bonds for construction, performance bonds, surety bonds, or to speak with a qualified broker, call American Insure-All today at (888)411-AUTO for a bid bonds insurance broker in Mill Creek.