Apr
02
Specialized Sub-Contractor Surety

Insurance agents should look beyond the general contractor when considering which clients are good prospects for surety sales.  Specialized subcontractors are an even larger prospect pool since general contractors subcontract out most of the labor to many different companies.

Which subcontractors need surety?

  • Plumbers
  • Electricians
  • Landscapers
  • Roofers
  • Painters
  • Tree Services
  • HVAC Installers
  • Other finishing contractors

Subcontractors must offer the same assurance of ability to complete a job that general contractors furnish. Construction is a business that’s heavily regulated. Codes must be followed, permits obtained and inspections completed.  Anyone involved in this industry that is an insurance client most likely needs surety. Our surety services take the work off your desk while making sure your clients do not seek their surety needs from another agent.  

Apr
01
Unions Protect Members with Wage & Welfare Bonds

Unions want to make sure companies uphold union contracts. As a precaution, unions require any company that employs their members to have a surety bond in place. This bond makes sure the employer handles dues properly, pays and administers benefits, and in general honors all the terms of the union contract.

These bonds are required at the local level. Such a requirement prevents the national organization from collecting when a local union contract infraction takes place. This makes the bond unique in the fact that a local union shop will have its own formula to determine surety bond amounts. The local union will also have its own bond forms with specific requirements.

Wage and Welfare bonds are a type of financial guarantee bond. Such a bond isn’t easy to write with most surety companies. But, wage and welfare bonds are one of the few financial guarantee bonds that some sureties will consider. Our surety providers have the underwriting authority to place the bond regardless of a company’s credit or financial strength. We have the ability to quickly approve applications at very reasonable rates.

Surety Support Services provides employers with Wage & Welfare bonds so they can meet the needs of their unionized employees. Contact us today for more information . Suretyss.com.

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