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Surety Bond 101 – How To Choose The Right Agent

Surety Bond 101 - How To Choose The Right AgentFor any business requiring a surety bond, it’s important to find an experienced surety bond agent to help you navigate through the industry. Not all surety agents are created equal, however, so how do you choose the right agent? Our experts have come together to create an outline of Surety Bond 101 – How To Choose The Right Agent, learn more below.

Make sure your agent knows YOUR business

Not only should your surety bond agent understand the ins and outs of construction surety bonds but also aware of what’s happening in the industry. In addition, the longevity of a business is a great indication of overall success. The longer the business has been around, the more experience the company has as a whole, the more connections made, and the validity they have in the marketplace.

From general contractors to electrical, mechanical, interior and exterior renovators, and waste haulers, The Surety Place knows your business.

A great surety agent has great connections

Your agent is only as good as the markets they represent. A great surety agent will have the resources of multiple sureties to determine the best possible fit for you. Over the course of 50+ years, Surety Place has built, added to, and continued to perfect, programs and services to help business owners and agents quickly identify the best surety fit and find solutions when it seems like there are none.

By leveraging our in house authority against our substantial industry relationships, we are able to create custom programs that will ultimately save you time and money while giving your book of business stability and peace of mind. Whether you are an agency or a business owner, managing large amounts of bond requirements across numerous clients can be overwhelming. We make it easy.

With The Surety Place, you don’t just get one dedicated surety agent. If your agent takes a vacation, our team takes over to ensure no complications. We routinely meet and discuss active accounts to share advice and guidance from the experts in our office.

A surety agent is your advocate

To extend further into Surety Bond 101 – How To Choose The Right Agent, your surety agent should be your dedicated advocate. He or she should seek the best bond deal possible – one that is appropriate for the circumstances of the project as well as your financial situation.

A great surety bond agent will know the market price for the type of surety bond you need and secure the best bond price. Consider the following questions to best determine if your surety agent is your advocate

  • Can you provide a surety bond in my state?
  • What are the best bonding options in this situation?
  • How long will it take before a bond is ready?

Make sure your agent has your back

A knowledgeable bonding agent will make sure that your financial statements are accurate and formatted correctly, truly securing your ability to obtain a bond. Your agent should review your financial information and look for potential issues. If there are any red flags, a great agent will connect you with an accountant to help you clean up your statements.

No matter the size of the bond or how complicated, Surety Place has your back. Whether you have poor credit, financial hardship, fast growth, or are just getting your company off the ground, we have options for you too.

Don’t be afraid to ask for references. The best surety agent will have no fear of providing you with their accomplishments. The construction industry is a tough environment and you will want a surety agent that isn’t afraid to step up to the plate.

Surety Bond 101 – How To Choose The Right Agent

The surety bond is a bond given to protect the recipient against loss in case the terms of a contract are not filled, and your surety company assumes liability for nonperformance. Choosing the best surety bond agent is the first step in achieving success.

If you are in search of the best surety agent for you, start with Surety Place. When you call, an expert always answers the phone to best either direct you to the most suitable person to talk to or answer any questions or concerns you may have.

Reach out to an expert today!

March 24th, 2020
SurePlace