Many homeowners are nervous about inviting electricians, contractors, plumbers and other construction professionals into their homes for maintenance, repairs or renovations; and understandably so given the need for stranger danger these days. However, bonding your business shows homeowners that you and your crew are responsible and trustworthy.
Let's take a step back and talk about what a bond is exactly. In a nutshell, a surety bond is a guarantee to consumers that the job will be completed as expected, allowing the consumer to hold the bonded business accountable for the project. If the job does not get completed according to contract, the bond insurer can cover the expenses necessary to finish the job.
How do bonds work to increase trust between businesses and consumers? They help regulate the businesses active in the construction industry. Many of these occupations require a bond before they can receive a business license, meaning that, in many cases, bonds are required for these businesses to legally operate. Additionally, bond insurers have the right to deny coverage to businesses that are deemed too risky an investment. This adds up to say that, generally speaking, many construction businesses in operation are bonded, and therefore are held to a higher standard of professionalism.
There is a surety bond designed for each specific occupation within the field to offer customized protection for the job at hand. Additionally, performance bonds can be purchased for extra coverage if a very large job is projected to exceed the surety bond amount.
Ask us about bonds today. Call McFarlin Insurance Agency at (410) 312-7800 for more information on Maryland bonds.