Aside from being a necessary part of doing business in most states, contractor bonds show your customers that you are a legitimate contractor with a healthy track record of doing business the right way. A contractor bond provides a guarantee that you will execute your end of the bargain in the manner expected from a professional contractor.
By answering a few simple questions, we can help you get the type of contractors bond you need quickly and inexpensively. If you are looking for a contractor license bond, contractor bid bond, contractor performance bond, or contractor payment bond, we will find the right fit for you and have you back on the job fast.
What Are Contractors Bonds?
Contractor bonds are a type of commercial surety bond that is a three party contract between the contractor (the principle), the entity requiring the bond called the obligee [typically the state licensing entity (for license bonds) or the entity responsible for a project like a developer or municipality] and the surety (the company backing the bond). If a an employee or client of a contractor is financially harmed as a result of a state law violation or terms of a contract, then a claim against the contractors bond may occur. A surety company will investigate any claim and its validity before a surety makes a payout on a bond. However, unlike insurance, when a payout does occur, the contractor is responsible for repaying the surety the amount of the bond claim plus legal expenses.
Get Your Contractor Bond Now!
We pride ourselves on understanding the unique needs of contractors, and work hard to get you the bonds you need fast. To get contractor bonds for your business, call Citizens General Insurance Brokers at (800) 498-0884 or complete the form on this page to get an instant contractors bond quote.