Surety bonds get you jobs. Bad credit keeps you from getting a surety bond. See how this can be a problem? If you are struggling with bad credit, you are not alone. This economy has put many thousands of contractors into that categoyr, many for the first time. If you have felt the sting off rejection because of your credit, you don’t have to any more. There are some great surety bond companies out there now who are starting to offer surety bonds to people with bad credit. These are called High Risk Surety Bonds, and they will coost you more, but with the alternative being losing out on bids worth tens of thousands of dollars, the choice is pretty clear. So where do you find these companies, and how do you know whether or not you are talking to an ethical surety bond agent? You could get ripped off, after all, right?
These are good questions, and you need to be aware of bad surety bond agents, to be sure. There are a couple of quick questions you can ask to separate teh sheep from the goats. First, ask to talk to other clients. That will clear up real quick whether you are dealing with a good guy or not. Second, ask questions that are very specific to the kin do f surety bond you are dealing with. This will show you if your agent is trying to just make the sale. Bad sign.
Many times, when it comes to spending extra money, like you have to do on a high risk surety bond, we can fall into the trap of searching around trying to find a way to save money. That comes natural as a small business owner, but can get you into trouble. The time you waste “finding” a place to “save” money piles up, meanwhile you are not assured of a favorable result. That is even more pronounced when you are dealing with surety bonds, because the likelihood that you are going to find a surety bond company that will give you a standard surety bond if you have bad credit is extremely low. You should buy and buy now. You need to “get back on the horse” as it were. You have to have access to the best bids out there, and all of those require surety bonds.
Once you get your high risk surety bond, you can begin to put a plan in place that will put you back in good graces credit wise, but you need to get working right now. Just like a general financial plan, you put one piece of the puzzle in place at a time. The first piece is revenue, and you can’t get that without the bids you will get from your high risk surety bond. Budgeting and discipline will take care of the rest.
When you find a surety bond agency, how do you know it is a good one? You want to make sure that you are getting the best service you can find when you hire a surety bond company, so ask some questions. The result you get from doing the extra work is going to pay you back for decades to come. Here’s why.
First, the level or service you get is going to be very high. Your calls will get answered, your concerns dealt with and fixed. Your surety bond agent will be on the continual lookout to improve your results and save you money. This is what you want out of your surety bond agent.
Now, you could get some really great unexpected benefit out of finding the right agent. If your surety bond agent is one of the few who have started using online services well, then you can get your surety bonds faster, renew them without leaving your office and even address concerns you have online. This is the next generation of surety bond agents, and it will pay you to find one.
Your surety bond is one of the most important tools you have. It allows you to get the bids you need, and protects your clients if something bad happens. Don’t rest until you have found the right agent. Do yourself and your company a big favor.
When you are looking for a surety bond agent, don’t let the urgency of the moment put you in a position of hiring the wrong one. You want to take whatever pains you hav to in making sure that you have the kind of agent that is going to be looking our for your best interests, and not just along to pick up a paycheck. Your surety bond agent, should you hire the right one, will present you with many advantages over a poor one, but we will focus on two.
First, attention to detail. This is probably the most important, because when you are dealling with issues of risk you cannot afford to have even the smallest detail go unnoticed. Do you need a particular type of surety bond; a contractor, janitorial or some other niche bond? Does your surety bond need to be amended for coverage? These are just a couple of the small details that make up the myriad that your agent must keep track of for things to go smoothly for you and your company.
Second, and this is a big one; technology. Digital elements may be the last thing you think of when you are considering which surety bond company to use, but even surety bonds are finally coming into the 21st century. You need to make sure your surety bond company can keep up. With application and renewal online, you can.
Surety bonds are more than useful, they are essential in running a contractor business in these times. If you do not have a surety bond, you are at a severe disadvantage to contractors that do have one, because so many of the bg companies that pay more are not going to hir ea contractor that does not have a surety bond. You have to have one. So what happens if you have bad credit? How does your credit affect how, or if, you get a surety bond?
First, you have to understand how a surety bond works. It is more like a line of credit than a insurance policy. Since the surety bond company is extending this amount of money to cover anything you do wrong, which they will pay and you will repay, it is imperative from their perspective that you have a good record of paying your debts. If you do not, then you are not going get a surety bond. They can’t trust that you will pay it back.
Second, once you are a credit risk, you are not going to be able to get on the “good list”. This is a self repeating cycle. You can’t get a surety bond because you are on the list of people who cannot get one because you have bad credit. How to correct this? Start with a high risk surety bond.
When you need a surety bond, and you have bad credit, you are usually in some kind of dire situation where you need a surety bond as fast as possible. You have to get a bond, and you have to get it now. This can lead you to buy from the first surety bond company that will give you a high risk surety bond. That only guarantees that you are going to pay the highest price out there. Don’t make that mistake. You can get a better price. You don’t have to pay exorbitant fees just because you have had a run of bad luck with your credit. Here are a couple of ideas on how to make sure that you get the best price you can for your high risk surety bond.
First, plan ahead. You know your credit has taken some lumps, so don’t wait till the last minute to get a surety bond in place. This gets you out of the trap of having to settle for the first company that will give you the time of day. Planning ahead is never a bad idea, and in this case it will save you money.
Two, be diligent. Surety bond companies are out there that will handle your bond ethically, you just have to keep looking. What are you willing to settle for? Make sure that answer is high, and you will get your high risk surety bond at a good price.
If you own a cleaning service, you probably have heard about janitorial bonds. Do you need one? What would a janitorial bond do for you that general liability insurance would not? How do you know which bond company to pick? Great questions, read on and I will try to shed some light for you.
Janitorial bonds are very limited in scope, and that is fortuitous for you. They were created with cleaning services just like yours in mind. If you are going into people’s homes or offices, you are going to be accused of stealing something at some point. Either your employee is going to do it or get accused of it. This can happen because of the simple fear that people deal with every day, or it can actually happen. In either case you want to be covered, and insurance does not always do that for you. Here are two very specific reasons to get a janitorial bond.
First, you want the actual coverage. Having that makes sure that you are not in that position of being exposed to the fear or actuality of damaging a client’s property. This puts you in a stronger legal situation.
Second, you want it for the client’s peace of mind. When a client sees that you have taken the initiative to protect them before they even hire you, it is going to make them feel a lot better about hiring you versus the guys down the road without a janitorial bond.
High risk surety bonds are tough to find sometimes. If you have bad credit, you know how true this is. When you finally do find a surety bond company that offers them, many times you come away wanting to shower. There is a lot of abuse on the lower end of the scale when it comes to surety bonds, and the sad thing is that there has not always been a place to turn for help.
That’s all changed now. You can now find good quality surety bonds that are in the high risk category, and you can even find them cheaper. There are good surety bond companies who have seen the effect the economy has had on the contractor base, and feel that people should not be taken advantage of just because they have fallen victim to the same economy that has the nation in its grip. Should you be taken to the cleaners because of your credit situation?
High risk surety bonds are always going to cost more than standard surety bonds, there is no getting around that. The cost that is built in to the model comes from the higher default rate. But, and here is where the good news starts for you, these newer companies will give you the opportunity to show yourself a lesser credit risk, and you can move up to standard surety bonds. This is a great relief to many contractors.
October 28, 2010 by admin · Comments Off
How many kids parties have you planned where you needed a magician? If the answer is more than one, you know how badly you need to make sure you have a great magician for a great magic show is. The right magician is the part that you have to get just right for your kids party. Just any magician will not do. You have to do whatever you have to so that you can know that your magician that you hire for your kids party will put wonder in their eyes and give them great memories of a great magic show. They will remember this magic show for as long as they live, so get it right and hire the right magician. The best new york magicians put on great magic shows. They are always something wonderful to behold. For kids, especially, it takes a special magician. The great magic show that a kids magician puts on is something quite different than a magician would put on for adults. Leaving aside any blue humor, the magic tricks are going to be different as well as the delivery. If you do not understand this, then you need to get someone else to hire your magician. Finding a good event planner sometimes is the smartest thing a parent can do in finding the right magician. If you hire the right magician, thru whatever means, you can be assured of one thing: your magician will make you a hero.
October 28, 2010 by admin · Comments Off
If you are one of the many contractors around the country struggling with bad credit for the first time, you know how easy it is to be taken advantage of by a high risk surety bond broker. Just because you are in a tough position should not mean that you are at the mercy of unscrupulous brokers out there. If you are tired of running into brokers that only seem to be interested in taking your money, you should keep looking. There are great surety bond brokers who see the need for quality high risk surety bonds, and believe that you deserve to be able to have a second chance. They know that you can’t work without a surety bond, because there are so many companies and individuals who won’t hire a contractor that does not have a surety bond. If you put your self in their shoes, you would do the same thing. A surety bond gives a client so many protections that it just makes sense. Since that is true, what stops you from getting the kind of surety bond you need? If it’s bad credit, and you are concerned about getting taken advantage of, your worries are over. You have access now to a high risk surety bond company that will give you the ability to get back out there and make your company profitable.