The Importance of Surety Bonds for Your Business

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.

If you are still lost, or would like to know more about surety bonding, plenty of great articles can be found here on Hub Pages or contact Floyd Arthur at New York City’s Carmoon Group.