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Surety Bonds Help Contractors Win More Business

thinksem-dev • Oct 10, 2014

Surety bonds are just one of the many ways you can protect your business. McInnis Insurance Agency offers fast-turnaround surety bonds as well as other types of business insurance for Louisiana contractors. And because every situation and contractor is unique, we can find the solutions that are best suited to your business.

Surety bonds in particular are very specific to individual projects. They are not traditional insurance policies, but rather function as a performance guarantee for your clients and help to ensure that your project bids are accepted by project owners. We can help you obtain and facilitate the entire bonding process.

There are a variety of different types of surety bonds, each one guaranteeing a different aspect of the bidding and construction process and the construction contract itself. At McInnis Insurance, we can help you with obtaining the surety bonds you need, including the following types.

  • Bid bonds assure the project owner that the contractor can get a performance bond if its bid is accepted.
  • Performance bonds , or completion bonds , promise that the contractor will perform a job as agreed upon within the contract. There are several types of performance bonds, including contract bonds. Contract bonds guarantee contractor performance and the fulfillment of all duties outlined in a contract. A contract bond usually accompanies a payment bond.
  • Payment bonds , which can be obtained individually or together with a performance bond, promise that a job will be completed free of all liens.
  • License and permit bonds are often required by state, municipal or federal ordinance as a condition of engaging in a particular business or exercising a certain privilege. Examples of different types of license and permit bonds include performance bonds, payment bonds, customs bonds tax bonds and warehouse bonds.

McInnis Insurance will work closely with you to learn about your business and recommend the insurance policies and solutions that best protect your livelihood. We can help you obtain the surety bonds you need—quickly—so that you can win your next project.

Want to learn more about surety bonds and business insurance for contractors and construction professionals? We have answers! Contact us today to learn more.

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