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A career as a construction contractor can be an excellent option for providing yourself with a financially rewarding job. Yet, there are many risks that may be present on a construction site, and you must take steps to protect yourself against the financial liabilities that can come with performing this work. Luckily, you can invest in a surety bond to help ensure that your financial liabilities are kept to a minimum.
How Will A Surety Bond Protect You When Working On Projects?
While you may be a competent and experienced professional, there is a reality that accidents and oversights can occur. When this is the case, you may be liable for any damages that your client suffered as a result of the incorrect work. Rather than you being personally responsible for the costs of repairing this damage, your surety bond will cover these damages. However, there will still be a deductible required, and you may be obligated to repay either a portion or all of the compensation that the bond issuer had to pay.
What Will Determine Your Cost For Obtaining A Surety Bond?
In order to maximize the profits that you are receiving from your projects, you will likely want to be able to closely monitor the expenses of your projects. Not surprisingly, you may be concerned about the various factors that will determine the cost of having a surety bond issued. The cost of one of the bonds will be determined by the total cost of the project in question. An originator fee for the bond will be calculated as a percentage of the total cost of the project. Additionally, the work history of the contractor will also impact this fee. Individuals that have a lengthy history of completing projects with minimal incidents will likely be able to secure one of these bonds at a better rate than someone who regularly needs to make claims against these bonds.
If you are considering starting a career as a construction contractor, you must protect yourself against the financial liabilities that may come from incorrectly completing projects. Knowing the ways that a surety bond will be able to protect you against these liabilities and the way that the cost of having one of these bonds issued will be determined. Individuals that have this information will be in a good position for making sure that they are protecting themselves against the worst financial liabilities that can come with a new career as a construction contractor.
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