Floyd Arthur of New York City based Carmoon Insurance Group
is highly regarded throughout the insurance industry and has been recognized
numerous times for his improvements throughout the underwriting and asset
evaluation process.
He has spent over 20 years learning the ins and outs of the
insurance industry and would like to share that knowledge with you, so you can
save money and better protect your assets. More specifically, we would like to
cover the importance of Surety Bonding for your business. It is not only
required by law for several businesses, but is a great idea for protecting any
business.
Getting a bond can be a difficult task especially for new
contractors, Local, State, and Federal government regulations require “surety
bonds” as a means to judge compliance with various laws.When an insurance
company issues this type of bonding, they are essentially vouching for the
legitimacy of your business while assuming the risk for financial obligations
or damage claims that your company may incur.
This form of insurance is a
specialty for Floyd Arthur and New York based Carmoon Group. In addition to
Surety bonds, companies will also commonly need Contract bonds which ensure
that jobs funded by tax payer dollars are awarded to the lowest bidder and
successfully completed.
As you can see, bonds are a necessity for many contractors;
so how can you get the most bang for your buck on this type of coverage? Having
a strong set of assets for your company as well as a good credit score will
help you receive the best rate on your surety bonds. If you have very few
assets or a poor credit score, consider buying a bond for multiple years at a
time, this will allow you to save a decent amount of money, depending on the
policies of the company your choose.
