When thinking about building a new business, one of the first things that comes into mind of the business venturers is how to get insured and bonded. As most of us already know, getting insured provides us a great comfort and peace of mind as it protects us from any risks associated with the work we do. For business owners, a bond and insurance provide them protection against any situation that could put them out of their business, such as lawsuits and financial liabilities. In addition, a bond and insurance increase their chance of winning a certain project, as most clients require a company to be bonded and insured first before they consider it.
Therefore, if you are thinking about starting your new business, particularly if it’s related with construction industry, you may want to get an adequate insurance coverage and become bonded. The process can be as simple as filling out forms if you understand how it works and you’re focused to it. Here are some information to help you get started.
Determine your insurance and bond needs.
Getting bonded and insured is very crucial for any business owner. But just like in buying a kitchen appliance, there are different options available and in order to get the maximum protection you need, you must choose the one that perfectly fits your business situation. If you are offering basic construction services, a general business owner’s policy might be all the protection you need for your company; but if you’re pursuing larger projects, you might want to get a more specialized type of insurance and bond that will allow you to compete for the contract.
Find a reputable provider.
It is very important for you to know that not all businesses qualify for certain types of bonds. There are a few key factors that you must provide first in order to qualify for an application. But if you really want to increase your chances of getting approved, you should find an expert insurance and bond agency. But here’s the thing: Majority of insurance and bond agencies around can help you get the insurance and bond you need, but unfortunately, they do not have adequate knowledge about the market and do not have the sufficient resources to properly assist you should a claim occurs. Make sure that you conduct a thorough research first of the insurance agency before you consider hiring it. Check if your chosen company or agent is reputable and properly licensed.
You may also want to get quotes from various insurance and bond suppliers before committing to anyone to get the best possible rates. Don’t worry if you have to check several agencies, as now you can do it easily with just a few clicks. Most companies today have their own website, in which you can visit to get quotes and check their service. You can also make your search easier by filtering your search according to your city or state; for instance, if you’re looking for a California contractors bond, try to include California in your keyword to locate the agencies offering services in the given specific geographic. Remember, insurance and bond policy rates vary widely, so choose wisely.