How a Bond Can Protect Your Business
As a contractor, you know all too well that your business requires a level of trust from your clients. Being that you must enter their homes, your reputation directly correlates with that trust and therefore your success. You may have some good word-of-mouth buzz and a few good reviews on Yelp, but how else can you prove your trustworthiness?
Every contractor should consider purchasing a surety bond, which represents your ability to run a responsible and professional business. What is a surety bond? It acts as a guarantee that you will perform the job as described in the contract. If something prevents you from doing so, the bond issuer is responsible for making it right—whether they hire another contractor to finish the job or they compensate the project owner for financial losses.
Purchasing a surety bond shows potential clients that you have their best interests in mind. Additionally, it helps you stand out from the crowd. Just like when purchasing personal lines of insurance, a company that issues surety bonds has the right to deny your business coverage if it poses a high risk. However, many contracting jobs require a surety bond in order to obtain a business license. Therefore, the businesses that are denied coverage may not legally be allowed to operate, creating a higher industry standard. When your business makes it through those qualifications, it looks good.
Advertising that your business is bonded is a great way to show potential clients that you are a reputable, trustworthy business, which may help them feel more comfortable when it comes time to invite you into their home.
Get started today. Call Pan American Insurance at (915) 562-0009 for more information on El Paso surety bonds.