Small Business Success: Early Operating Hurdles

Hiring A Contractor To Fix Something At Your Place Of Business? Two Reasons To Make Sure They Have A Surety Bond

You never really know when there will be a problem at your place of business. The plumbing can act up at anytime, roofing problems can cause serious leaks, and flooring issues often require immediate attention. When something is in disrepair you need to get it taken care of immediately. However, do you know what to look for in a good contractor? If you've never really had to hire a contractor before it's important to think beyond just the virtual reviews. Here's why you should always try to hire a contractor who carries a surety bond when you need work done in your commercial facility:

Surety Bonds Guarantee The Work

Hiring a contractor is almost like flipping a coin. There is literally a 50/50 chance that they will or won't get the job done. The contractor could be completely well-meaning but if you bring them in to do a long-term assignment and they fall sick you might end up losing money.

A surety bond is similar to a form of insurance. Contractors pay a surety bond company to carry the coverage and if for some reason the tech can't do the work, the surety bond will guarantee that someone else is sent out to do it instead. This is really a form of protection for you against the risk that either the contractor will abandon ship or find that they just don't have the skills necessary to do such elaborate repairs.

Surety Bonds Show Professionalism & Sincerity

Contractors who have surety bonds are basically saying that they are serious about what they do. Think about it: the contractor has to actually pay on either a monthly, quarterly, or yearly basis just to maintain the bond. They are spending their own cash to have a backup plan that will extend benefits to their clients. This shows a level of professionalism and excellence that speaks volumes.

If the contractor you hire has subordinates or employees who will also be taking on the task, it's good to know that the surety bond is in place. Surety bonds guarantee that the team will get paid so you won't have to deal with a nasty lien or lawsuit for nonpayment.

A surety bond is a very worthwhile investment that any serious contractor should definitely not miss out on. The next time you need repair work done at your place of business, be sure to hire a contractor who is backed by one of these incredible bonds.

For more information, you can contact companies like NFP, P & C, Inc.