For contractors, navigating the complex world of insurance and bonding is essential for the success of their business. While insurance protects against liability and losses, surety bonding ensures the fulfillment of contractual obligations required on public and some private projects. Notably, not all insurance agents possess the expertise needed in the construction industry. Having an agent who is also a surety professional can strengthen your business by helping you learn how to grow your surety bonding program so you can bid on larger jobs.
What Is a Surety Professional?
A surety professional is an insurance agent who specializes in surety bonds, a crucial component in the construction industry. Surety bonds act as a guarantee that contractors will complete projects according to the agreed-upon contract terms. A surety professional can assist contractors in obtaining the right bonds for their projects and offers advice on steps the business can take to improve their bonding capacity.
How Can a Surety Professional Benefit Your Business?
Collaborating with a surety professional provides several advantages for contractors, including:
Access to More Opportunities: Surety professionals have deeper relationships with surety companies, helping contractors access a broader range of bonding opportunities.
Financial Guidance: Surety professionals can offer guidance on managing financial statements, cash flow, and working capital that help contractors grow their surety program.
Claims Resolution: Surety professionals, with the help of the surety, provide advice on avoiding or resolving claims and disputes, ensuring contractors navigate challenges successfully.
Compliance Support: Surety Professionals offer support in complying with contract insurance and bonding requirements.
How to Find a Surety Professional
Not all insurance agents can be classified as surety professionals. To identify a reliable one for your business, consider the following:
Are they licensed in my state? Ensure they are licensed and certified in your state and industry. Most State Departments of Insurance have ways to look agents up and validate their licenses.
Are they a member of a Surety Association? Look for agents who are members in any of the Surety Associations such as the National Association of Surety Bond Producers (NASBP) or the Surety and Fidelity Association of America (SFAA).
Do they have construction industry knowledge? Verify their experience and knowledge in both the construction insurance and surety markets.
Are they responsive? Choose a surety professional who is responsive and attentive to your needs and goals. Surety is fast-paced and you need someone who prioritizes your needs and response times.
Do they have ethical standards? Look for trustworthy and ethical individuals who provide you with ethical advice.
When it comes to selecting a surety professional, The Hartwell Corporation stands out as a reliable and seasoned choice. Here's why our partnership is a strategic advantage for contractors:
Employee Ownership: As an employee-owned company, our success is intertwined with yours. We take pride in working with our client and helping them reach their business goals.
Established Since 1963: With over five decades of dedicated service in the surety industry, we bring a wealth of experience and a proven track record to the table. And in 2023, we also added Idaho Construction Bonding to our company, bringing on board more surety experience.
Impeccable Reputation: We take pride in all of our endeavors and seek to earn your business every day through honesty, integrity, and fair dealing.
Deep-Rooted Relationships: Over the years, we've cultivated strong ties with surety companies, ensuring our clients have access to a broad spectrum of opportunities.
By choosing The Hartwell Corporation, you not only secure the bonds and insurance you need but also gain a trusted ally dedicated to your growth and success. Partner with us, and let's build a future of prosperity together.