Contractor’s Bond for Construction
A contractor’s bond ( or surety bond ) for construction is protection for your customers. It is a financial guarantee that you will complete the job you’ve undertaken in a satisfactory manner. If you fail to complete the job as per your client’s expectations or there is damage to the client’s property as a result of your work, for example, the bond issuing company will financially compensate your client. Clients are more apt to work with you if they know that their financial interests will be protected in the event that problems occur during the project. Surety bonds that are issued to contractors can include those that cover bids, performance, and payments as well as supply and maintenance.
Most states require you to have contractor license bonding in order to legally operate a business. Before breaking ground on any project, you need to make sure that you have all of the necessary building permits and have met all of the bond requirements for the state of California. The state of California requires that all contractors have an active $12,500 license bond on file with the Contractors State License Board ( CSLC) or a bond alternative as a condition of having an active license.
Sound confusing? Well, if you’re a contractor in the Los Angeles area, you’re in luck! Independent insurance broker Daniel Fraisse can help you navigate the world of contractor’s or surety bonds. Many insurance carriers either specialize or have a sub-specialty in contractor or surety bonds. As an independent broker, Dan Fraisse has developed long-standing relationships with some of the biggest carriers in the business, including State Farm, Safeco, Progressive, and The Hartford, to name a few.
Your agent in Los Angeles
Dan works for you, not for the companies. He has been working in the industry for decades and has a reputation among his clients for working hard to get them the best deal possible. As your agent for securing a contractor’s bond in Los Angeles, he will make sure that you are getting the best possible coverage for a fair price.
Dan will take an in-depth look at your company’s business operations, from your credit history to your company’s equipment plus the scope of the proposed project. Based upon this information, he can then make a recommendation about what type coverage you need, how much coverage you need, and the costs involved. Remember — as an independent broker, Dan doesn’t have a vested interest in steering you to one certain carrier. He’ll look for the best policy at the lowest price.
Make the call today
If you’re looking for an contractor’s bond agent in Southern California, make Daniel Fraisse your first choice. Fraisse Insurance serves Los Angeles, Orange, Riverside Counties along with Inland Empire. With years of experience working within the insurance industry, he can answer you questions regarding contractor’s construction bonds or any other business insurance questions that you may have. Visit our website or call our office to schedule an appointment.