Most consumers that hire a contractor for a project want assurance that the job will get done, and it will be done well. Unfortunately the construction business can be a volatile business, and some customers are wary of hiring a contractor without some kind of guarantee. After all, about 70 percent of construction companies are home-based businesses (small enterprises run out of a home), and the Small Business Administration notes that many small businesses fail every year, with only 25% of those businesses that make it 15 years or more. Customers want to know that even if something happens to the construction company performing the work, the job will still get done.
What are Surety Bonds?
Surety bonds in Orlando, Florida are contracts between the construction company, the client, and a third party that guarantees the project will be completed, even if the contractor defaults on his or her obligations. In the event of a contractor default, the surety bond will pay for another contractor to complete the project or compensate the client for financial losses.
Surety Bonds Protect Your Customers
Surveys conducted in the construction industry indicate that one of the top reasons contractors fail is due to performance problems—the owner or employees lack the experience needed for the job they are hired to do. As a construction owner or contractor, one of the best things you can do is get surety bonds in Orlando, Florida to reassure clients that the job will get done.
Surety Bonds Protect Your Business
If you have to hire a subcontractor for a project, you are taking a risk that the subcontracted crew or individual will not complete the job, or will not have the skills to do it correctly. In that case, surety bonds in Orlando, Florida can also protect your investment and save you from paying for the mistakes of others.
Before you begin construction on any new project, contact a surety bond provider to get the protection you need to reassure clients and protect your company.