CONSTRUCTION BONDS AND INSURANCE
Welcome to Quickerbonds, your trusted source for payment and performance bonds, construction bonds, and insurance solutions. We understand the importance of protecting your business and meeting the requirements of your clients and the law. That's why we offer a wide range of surety bonds and insurance products tailored to the needs of construction professionals like you.
What Are Construction / Contractor Surety Bonds?
Construction bonds, also known as surety bonds or payment and performance bonds, are a type of financial guarantee that ensures contractors will fulfill their obligations under a contract. They provide protection for project owners and subcontractors against financial loss due to a contractor's failure to complete the project, pay subcontractors and suppliers, or meet other contractual obligations.
There are several types of construction bonds, including bid bonds, performance bonds, payment bonds, and maintenance bonds. Bid bonds are required by project owners to ensure that contractors submit serious and accurate bids. Performance bonds guarantee that contractors will complete the project according to the terms of the contract, while payment bonds ensure that subcontractors and suppliers are paid for their work. Maintenance bonds provide protection against defects in the completed work. If you are bonded (i.e., have purchased a surety bond), it sends a message to customers and any relevant governing authorities that you are safe to do business with because of the financial security the bond provides.
Why Do You Need Construction Bonds / Payment and Performance Bonds?
Construction bonds or payment and performance bonds are essential for contractors who want to win contracts and protect their business. Most public and private construction projects require contractors to have bonds in place before they can bid on a project. By having the necessary bonds, you show your clients and partners that you are a reliable and trustworthy contractor.
Construction bonds also provide financial protection for all parties involved in a construction project. If a contractor fails to fulfill their obligations under a contract, the bond company will step in to make sure that the project is completed and that all subcontractors and suppliers are paid. This helps to minimize the risk of financial loss for everyone.
Some project types that commonly need a bid bond and performance bond:
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Public Works Projects
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State or County Road Projects
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Public School Projects
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Large Commercial Building
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What is construction insurance?
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Construction insurance protects you, the business owner. In exchange for the premium you pay for coverage, your insurance provider will pay for certain lawsuits or events that would otherwise leave your business in a financial bind.
Some common construction insurance policies include:
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General liability insurance This policy covers third-party property damage and bodily injuries. For contractors, it also includes liability protection in case the services you provide or products you produce harm someone.
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Commercial property insurance This policy pays to replace damaged or stolen business property, such as your tools and equipment.
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Builder's risk insurance This policy protects your tools and equipment if they are stolen from a job site. It can also help pay for damages when a fire or windstorm destroys a building in progress.
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Inland marine insurance This policy is a type of commercial property coverage that covers your tools and equipment when it's in transit. It also protects mobile equipment, like forklifts or bulldozers.
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Workers' compensation insurance This policy cover costs related to work illnesses or injuries. Most states require businesses with employees to purchase workers' comp, especially in high-risk industries like construction.
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