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Business Personal Bonds Benefits

paperwork on deskIt’s time to start putting some bids out for new projects for your concrete business. It is growing more common today that even moderately sized projects require bidding, the process in which the business must apply for the job and win it based on their qualifications and pricing. A key component to this process is to ensure the client that you will be able to provide the highest quality of workmanship possible and that you will, ultimately, be able to provide what your promise in your bid. Bid bonds can help to seal that promise.

What’s a Bid Bond?

Bid bonds are a type of surety bond. This particular type of bond helps to ensure that your business will enter into a contract with the full ability to furnish the terms of that contract and the necessary payment bonds and performance bonds to complete the project. In short, it is your promise to get the work done as you agree. Having this type of bond in place helps ensure the company you plan to complete a project for that you will take steps to secure additional surety bonds to cover the work and the payments to subcontractors and suppliers.

How to Get a Bid Bond

Once you’ve decided to apply for the concrete job, work closely with an insurance agent that offers surety bonds. Secure the bid bond through application and payment for it. Then when completing the bid for the project, provide information about the bid bonds. This tells the client requesting the concrete work that you have the necessary tools in place to protect their investment.

Alongside bid bonds, most concrete companies will need to secure performance bonds, which back up the quality of their workmanship and payment bonds which help to ensure contractors will be paid. It may seem like an extra step you don’t want to take, but having this type of bond in place gives every party involved in the contract the confidence they need to move forward with it. And it can help you to successfully secure the concrete bid and the work from the company going forward.

Protect the interests of your business. Call McFarlin Insurance Agency at (410) 312-7800 for more information on Maryland surety bonds.
Posted 4:56 PM

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Columbia, MD 21046

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