Nothing better demonstrates the integrity and commitment your company represents than a contractor’s bond with Contractors Mark. As a bonded contractor, your clients know that they will be treated fairly, that they will receive high-quality work, and that they can count on you to make sure their project is completed, no matter what happens.
A contractor’s bond is a specialized insurance policy that creates a virtual repayment fund that will reimburse a client for the cost of the project if your work doesn’t meet their satisfaction and can’t be corrected. Since you’re a skilled, responsible contractor, it’s unlikely that any of your clients will ever need to submit a claim against your bond. However, when you can notify potential clients that your company is bonded, it significantly increases their confidence in your ability so they feel comfortable choosing you over your competitors.
In addition to reassuring private clients, our bonds also meet the requirements set by Abilene area government agencies and municipalities for contractors that perform work on government projects. Both the State of Texas and for the Abilene City Government require proof that you have the necessary bonds in place before allowing you to bid on contracts. Many large corporations in the Abilene area also require that contractors be bonded to protect the interests of the company if a major project goes awry.
Contractors Mark specializes in insurance products for contractors, and we offer a full selection of bonds tailored to the needs of your business. The most commonly used contractors bonds we offer are performance bonds, bid bonds, labor and material bonds, and maintenance bonds.
Performance bonds guarantee to the client that the job will be fully completed. This type of bond will reimburse the client if something goes wrong and you aren’t able to complete the work, such as following a natural disaster. A maintenance bond protects the client from losses due to poor quality materials or poor workmanship on the project. Government agency almost always requires these types of bonds for any contractor they use.
A labor and materials bond guarantees that the contractor will cover the cost of labor and materials for a project. This bond is common in fixed-price bids, to ensure that an unethical contractor doesn’t bid low to win the job and then raise the price during the process by requiring the purchase of additional materials and more labor hours in order to complete the work.
Finally, our bid bond protects the client from unethical practices by contractors during a bidding war. The bid bond guarantees that the bidder can complete the project at the cost they promised in their bid. If they don’t take the contract after being awarded the bid, or if they are unable to prove that they can do the work, the bond covers the difference between the lowest bid and the next lowest bid so the client can move on to the next bidder without losing money.
Let your customers know that you are an honest, ethical contractor with a contractor’s bond from Contractors Mark. Whether you’re bidding on a large contract that requires a bond or simply want to encourage local Abilene residents to choose your company, we have the right option for you. Call today to talk with a specialist about your needs and we’ll recommend the best bonds for you!
Contractors Mark is excited to help you in choosing insurance options that best meet the needs of your business. Contact us to learn more about what we can do for you!