What is a Contractor’s Bond?
Securing your business with a contractor bond lets your clients know that you are a safe choice for the job. Contractor bonds protect consumers from fraud and unfinished work, so if you guarantee your services by covering them with a bond, it speaks volumes to your potential clientele. You know you won’t leave a project incomplete, but a bond provides everyone involved peace of mind that in the event of an issue or accident, the client will not be expected to cover expenses that were meant to be covered by your business.
Contractors Mark offers surety bond protection for businesses because having a bond in place can be the difference between gaining a reputation as a trusted, reputable company, and suffering negative reviews by unhappy clients. Contractor’s bonds provide coverage for shoddy workmanship and unfinished projects and work as a safety net to keep clients happy. You get the peace of mind knowing that, in the event of unforeseen circumstances that prohibit you from completing a job, you won’t leave a client on bad terms.
Although it is not mandated that all contractors be bonded in the State of Texas, many cities and municipalities require contractors to post surety bonds. At Contractors Mark, we recommend surety bonds to all contractors as a precautionary measure that can save their businesses and reputations from potential damage. If you plan to complete work for the country or state, you will most likely be required to obtain a bond or bonds.
Types of Contract Bonds
Our team at Contractors Mark can help you secure the proper bond for your construction project. We offer coverage in the form of performance bonds, bid bonds, labor, and material bonds, and maintenance bonds. Performance bonds guarantee that you will complete the work according to your contract with a client. They are required for work on most federal and municipal projects and are also an excellent option for private projects. Bid and proposal bonds are often required for work on municipal projects, and the successful bidder on the project is expected to present a performance bond. If the lowest bidder does not do so, the proposal bond covers the difference between the successful bid and the next lowest bidder that qualifies for the project. Labor and material bonds guarantee that you will pay for the labor and materials for the projected scope of the project. Maintenance bonds are typically included with performance bonds and protect clients against defective and shoddy workmanship and materials. Each type of bond performs a valuable service to both the contractor and client and provides protection in the case of an unforeseen issue.
The Contractors Mark Difference
Our team at Contractors Mark has been providing quality insurance services to the greater Dallas area since 2000. We specialize in contractors insurance, making us the premier choice for contractor bonds. We are always on hand to answer questions and provide superior support to our valued clients, and you’ll notice the difference when you choose Contractors Mark. Call today or fill out the online form for a free contractor bond quote.