Many contractors and construction firm owners go through their insurance agent to find surety bonding because they are not aware of the benefits of looking to a surety specialist. In fact, some may not even be aware that there are other options since many insurers act like they are the sole gatekeep...
Category: News
Preparing Your Company for the End of the Federal Fiscal Year
The federal fiscal year ends in September, which means that federal agencies have until then to spend the remaining money allocated in their budget — or face losing it forever. Worse, any money they don’t spend ends up reducing their budget for next year, strongly incentivizing government entiti...
Alabama’s Little Miller Act
After covering the U.S. Miller Act and Georgia’s Little Miller Act in detail, we are moving on to Alabama’s own version of the Miller Act along with the unique provisions and requirements it lays out. Alabama’s Little Miller Act has less strict requirements than similar laws applying to federa...
Business Continuity Plans Should Be an Essential Part of Estate Planning
Many people are familiar with estate planning and how it can help their family in the event of their untimely death. What these people may not know is that estate planning alone cannot help reduce the your company’s odds of failure if you happen to pass. To ensure that your company can survive lon...
Why Work with a Surety Agent Instead of a General Lines Insurance Agent?
Lots of confusion surrounds surety bonding, including the fact that surety bonding services appear similar to general lines insurance. Because of this confusion, some contractors may wonder “Why can’t I just get insurance instead of surety bonding?” The truth is that contractors likely needs b...
The Difference Between Performance, Payment, and Bid Bonds
Surety bonding products reduce project owners’ risk when they are trying to award contracts to construction companies. When talking about construction projects, three types of surety bonds get discussed most often: performance bonds, payment bonds, and bid bonds. All three can be critically import...
Surety Bonds and Getting Your Startup Construction Company Off the Ground
Starting your very own construction company can be a lucrative venture right off the bat as long as your business has been structured well and it secures the needed financial backing. When it comes to financial backing, surety bonding will be one of the most essential to helping your company secure ...
Qualifications and Contract Sizes: Preparing for Your Next Project
We have already begun to cover the Miller Act’s contractual obligations construction companies face when trying to bid on publicly funded projects. While this information is important for construction companies, they face another problem when trying to comply with bonding requirements: how to incr...
Georgia’s Little Miller Act
A few weeks ago, we covered the United States Miller Act, a set of federal statutes that requires certain types of surety bonding for all construction projects of a certain value. The U.S. Miller Act is critical to the stability of publicly-funded construction projects while keeping costs and...
The Five Most Common Construction Injury Causes, And How to Prevent Them
Construction is an inherently dangerous industry. According to the U.S. Bureau of Labor Statistics (BLS), 937 total deaths occurred in the construction industry last year, more than any other industry. While this accident rate of 10.1 fatal injuries per 100,000 full-time workers was lower than other...