Bonds are three-party contracts between guarantors (individuals, such as contractors), obligees (the entity requiring the bond), and bonding companies. Determining whether you need to get bonded, as well as for what purposes and for how much, depends on the nature of your work and the region you’ll be working in. In order to be licensed as a contractor in most states, … [Read more...]

[mv_video doNotAutoplayNorOptimizePlacement="false" doNotOptimizePlacement="false" jsonLd="true" key="qtvmajtwagtlljyucolm" ratio="16:9" thumbnail="https://mediavine-res.cloudinary.com/v1677181177/kxhgebsbst7ly2fbrc0j.jpg" title="What Is Bond Insurance?" volume="70"]  Bond insurance is a risk mitigation tool commonly used in general contracting and similar fields. Also … [Read more...]

[mv_video doNotAutoplayNorOptimizePlacement="false" doNotOptimizePlacement="false" jsonLd="true" key="yvnuzp1de5wazoecprtg" ratio="16:9" thumbnail="https://mediavine-res.cloudinary.com/v1677184886/xw9euy7hxbdaikwpvi85.jpg" title="How To Get Bonded And Insured" volume="70"]  When you start a business, you want to take preventative and precautionary measures to ensure … [Read more...]

A performance bond is a type of contractor bond that is commonly issued to protect the client’s interests during a construction project. They are sometimes also called contract bonds. It is important to note that while performance bonds are often issued by insurance companies, they are not the same as liability insurance. It would be more accurate to think of them as … [Read more...]

[mv_video doNotAutoplayNorOptimizePlacement="false" doNotOptimizePlacement="false" jsonLd="true" key="xxhleawqttsdm9w1ywmj" ratio="16:9" thumbnail="https://mediavine-res.cloudinary.com/v1677185487/bwznjtdawttu3vjugbeb.jpg" title="What Is A Contractor Bond?" volume="70"]  Licensed contractors — including electrical, plumbing, and other types of specialty contractors — … [Read more...]