Surety Bond Insurance
Find out how we can save you up to 20% on Surety Bonds…
Our surety team has experience in the industry and whether you’re a contractor or commercial business, we can help you with all of your bonding needs.
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Who We Are
We’re one of the fastest growing providers of liability coverage on the web, offering insurance quotes of all types for contractors in the USA
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What Is A Bid Bond?
A bid bond shows proof of guarantee to the owner of a project that you can comply with the bid contract. This means, you will be able to accomplish the job as it is laid out in the contract.
A bond assures the project owner that you have the capability to take on the project and carry it out through completion if you are selected for the project during the bidding process.
Most of the time, project owners have no idea if a contractor is able to financially handle a project. The bid bond takes that guess work out and protects the project owner.
So you need the bond for the job. Our mission is to get you the surety bond you need FAST at a price you can afford.
Our highly trained team of bond experts pride themselves on making it easy for you, our customer.
We review the contract using a systematic approach to make sure you get the bond from A rated insurance companys.
Bid Bond Application Form
We first need to learn a little about you and your company. Complete the application below and one of our agents will get back to you within 1 business day.
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Only 5 minutes of your valuable time.
We can often get same day coverage
What Other Contractors Had to Say About Getting Their Policy Through Contractors Liability…
Hiring Contractors Liability for my surety bonds was an excellent decision. The process was seamless and their team was incredibly knowledgeable. They guided me through every step, ensuring I understood all my options. The coverage provided is perfect for my business needs. Highly recommend!
– Angela P.
Contractors Liability made securing surety bonds easy and efficient. Their customer service was outstanding, answering all my questions promptly. The policy I received is comprehensive and fits my business requirements perfectly. Very satisfied with their service!
– Thomas G.
Securing surety bonds through Contractors Liability was a smooth process. The team was very professional and responsive, ensuring I got the best coverage for my business. The entire experience was hassle-free and the peace of mind it provides is invaluable. Highly recommend their services!
– Nancy Y.
I am extremely pleased with the surety bonds I obtained from Contractors Liability. The process was quick and hassle-free, and their team was incredibly helpful. They provided the perfect coverage for my business needs. Highly recommended for any contractor!
– Robert F.
Getting surety bonds from Contractors Liability was a fantastic experience. Their customer service was top-notch, guiding me through all the available options. The policy I received offers great protection for my business at a reasonable price. Highly recommend their services!
– Esperanza G.
Contractors Liability provided exceptional service when I needed surety bonds. The team was professional, responsive, and ensured I got the best coverage for my business. The entire process was seamless, providing great peace of mind. Highly recommend!
– Jason G.
Frequently Asked Questions (FAQ)
A contractor who has a bond, will more than likely get the job because if the project fails they can collect compensation. Bid bonds along with other types of surety bonds are an important part of contracting. If you are new to the game you might not be as fluent in the terminology as you need to be let’s take a look at some of the basics.
If the obligations of the bid bond are not met the contractor and surety (the provider of the bid bond) are liable jointly for the bond. Penalties will be applied for failure to comply with bond obligations.
Also, when the project owner has to go and find a new contractor to finish the work, if there are additional costs the owner of the bid bond must pay as well. The standard for the additional cost is calculated by the difference in the bid that was held and the new bid.
When a bid bond requirement is requested for a project, it keeps contractors from submitting frivolous low ball bids and helps project managers to feel secure in their choice of contractor. The company issuing the Bond does a full and comprehensive credit and financial review before they will provide a bond to a company.
During the bidding process contractors submit what they think it will cost to get the job done. It is standard practice that the surety (the provider of the bid bond) will pay the project owner the difference between the lowest and next lowest bids
Under the Miller Act, all bidders are required to submit bid bonds on a federal project. Many private firms decide to follow suit with this act to protect themselves during the bidding process. If you want your business to be a competitive contractor for government projects, you will likely need to have bid bonds and know the process since many states require Bid Bonds for all projects.
There are several ways you can meet the federal standards for bid bonds. Bonds issued by an individual surety pledge certain defined types of assets.
- Cash
- Marketable assets
- Letters of credit from a federally insured financial institution.
- Bonds issued by an approved corporate surety. (The Department of the Treasury maintains a list of corporate sureties approved to issue bonds for federal projects, Treasury Department Circular 570.)
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