You might be surprised to know what the lack of a contractor bond could do to your business. Both in lack of protection against loss caused by any action of your business, and in loss of credibility of your business as it appears to clients. See, clients view your business on a first impression basis. Like it or not, you have only the smallest of time frames to be able to make that first impression. Once a client sees that your business does not have a surety bond, and a contractor bond in particular, you lose a key opportunity to show that you are serious about what you do.
On the other hand, with a simple purchase, you have the ability to show your clients that you are serious not only about your own business but also about protecting their interests as well. See, what you might not be aware of about contractor bonds is the level of protection that is extended to your clients by having a contractor bond on file. Contractor bonds offer protection to your clients in the way that they function. Let’s look a little further.
Contractor bonds work by making sure that if you mess something up in the process of doing business for your clients, that they will still get what they paid for. This happens by you purchasing a bond from a surety bond company, then the bond company paying the customer.