When seeking a surety bond in New Jersey, it’s important to note the different types of coverages available. Insurance companies that offer policies to contractors may also specialize in these types of bonds. Bid bonds ensure the contractor fulfills the stated contract terms at the price agreed on. Coverage for labor and materials is generally included with performance bonds, which assumes financial responsibility for laborers and suppliers in the event the contractor cannot. Maintenance provides limited protection against any potential defects after construction completion.
Specialization by State
There are many different state requirements depending on the type of bond needed, and premiums are generally a percentage of the total required bond amount. Knowledgeable advisors are committed to serving their clients, and can provide professional guidance regarding limits and coverages of policies. Whatever your business needs, agents can often provide customized quotes and may be able to offer cost-saving strategies that can greatly benefit your bottom line.
When looking for a surety bond in New Jersey, it’s best to work with well-established companies who have a proven track record for providing efficient and economical service, and who are dedicated to serving businesses in the area. These companies have specialized knowledge of the industry, and understand the importance of a timely response.