There are plenty of reputable surety bond companies to choose from, but that doesn�t mean they�re all equally able to meet your specific needs. The first step in selecting the right company is to define your selection criteria. Here�s what to look for in the best surety bond companies.
Type of Bonds
Most surety bond companies can get you any type of bond you need, but some may have more experience than others with a particular type of bond. If you need a bid bond or a performance bond bond, you may do best with a surety bond provider that focuses on construction bonds and knows the construction industry well.
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Understanding the Different Types of Surety Bonds Available
It�s common for surety bond companies to be licensed to do business in many states, or even all states. Still, it�s essential to make sure that the company you choose can legally issue bonds in your state. At Single Source Insurance, we offer bonds in all states. It�s easy to browse by state on our site!
Bond Capacity
A bond company�s per-customer single bond and aggregate bond limit isn�t likely to be a concern for the occasional bond purchaser. But it can be a big deal for companies that need large bond amounts (which is often the case with construction contractors), or who need to be bonded in multiple states. If you have substantial bonding needs or plan to expand into additional states, make sure you select a surety company with sufficient bonding capacity.
Customer Service
As a consumer, you probably rank customer service near the top of the list in the companies you do business with. Customer service quality is just as important, if not more so, when choosing a surety bond company. Look for a firm that has a reputation for being responsive to customers� needs and easy to work with.
One customer service consideration is whether small businesses get the same kind of attention from a given surety bond provider that larger ones do. If purchasing a surety bond is a one-time or rare occurrence for you, try to get an idea of how willing the company is to devote time to educating and helping you.
The best way to ensure you choose a company that provides great customer service is to check online ratings sites and look for reviews posted by those who have done or are doing business with the company you�re considering.
Single Source Insurance currently has a 5-star Google rating and an A+ BBB Rating.
A.M. Best Rating
Your obligee is more likely to accept a bond from a company that is highly rated by A.M. Best, the rating service that companies nationwide rely upon to assess a surety bond company’s financial strength and ability to meet its contractual obligations. Look for a company with an A.M. Best rating of A+ (superior) or A (excellent).
Treasury Listing
If you need to obtain a surety bond in order to do business with the federal government (for example, as a contractor on a federally funded public works project), look for a surety bond company that is �T-Listed,� or on the Department of Treasury�s List of Approved Sureties.
Trust Single Source Insurance
At Single Source Insurance, our experienced surety bond professionals will gladly answer any questions you may have about the bond you need and how we can help you get it. Contact us today for assistance.