Top 5 Risks Facing Contractors

  Construction firms face many risks: worksite injuries, skilled labor shortages, cash flow problems, contract disputes, job site theft, defects in workmanship and material, weather delays and supply interruptions, to name just a few. One study found that construction companies have the lowest survival rate of any type of startup. Only 36.4% were still in…

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Surety Bonds – Part 3

In Part 2 of 3 on Surety Bonds, we covered how to obtain a bond, the costs, and how to track and manage them. If you missed this blog, here’s the link https://www.consolidatedinsurance.com/news/2022/11/surety-bonds-part-2/. Now we come to our third and final blog on Surety and we’re going to focus on contractor failure and making claims.…

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Establishing an In-House Bonding Policy

In some recent blogs, we’ve covered what surety bonds are and why you need them as a contractor. In continuing that trend, here’s some tips on what you need to do internally in your office to make sure you obtain bonds when necessary. Use this list as a guide and add your own parameters for…

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Surety 101: The Who and the What of Surety Bonds

You won’t get too far into any discussion of construction work without the issue of surety bonds coming up. The concept of suretyship is both extremely common and widely misunderstood, and sometimes confused with traditional insurance. Let’s take a look at what exactly a surety bond is, who’s involved and what their roles are. A…

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