Two Powerful Ways The Right Surety Bond Builds Your Business

If you own your own business, you know how tough it is in these times to build business, and you should know how tough it is without a surety bond. If you have tried to get bids and impress customers without a surety bond, you should know how tough it is. That could be why you are reading this in the first place. Surety bonds have been helping small business owners for decades, and they can help you too. Perhaps you have thought about using surety bond in the past, but have decided against it. I want to present to you two ideas today of ways a surety bond can help you build your business. Let me explain a little further.

First, stability is king. In this economy, the more stable you come across to your potential clients, the better. A surety bond is one more piece of that puzzle that you can put in place, and it lets your clients know they can trust you. Surety bonds take care of your customers by making sure they are made sure if you do something wrong while fulfilling a contracted duty.

Second, access. This is a big one, and one that most small business owners who have not used a surety bond before don’t realize. You just cant get access to the best bids out there without a surety bond. If you get one, you should see a big uptick in the jobs you get.

High Risk surety bonds are something that few business ever aspire to have. The name is enough to scare anyone away, and the idea of being classified as a high risk client is abhorrent. These two ideas keep many small businesses away from something that could be a great benefit to them. If you have bad credit, the fact is that you are very limited as to what you can actually achieve without a surety bond. You are doubly limited when it comes to actually getting that surety bond. IF you have been out there trying to get one recently, you know what I am talking about. Rejection has become part of your identity at this point. No one wants to give you the time of day. So what do you do? Do you go it alone, working to get bids without a surety bond? Good luck. That involves even more rejection than trying to get a surety bond when you have bad credit. Most of the larger companies, the ones with the most lucrative bids, wont even grant you an interview if you don[‘t have a surety bond on file. So we are back to it again; are high risk surety bonds good for your business? A better question, I think, is this: are high risk surety bonds enough to save your business? Sound drastic? I don’t think so.

Think about it. IF you can’t get work without a surety bond, and you cant get a surety bond without it being a high risk surety bond, where does that leave you?

When you own your own business, surety bonds can be a big help. In some cases, they are life savers. You have a lot facing you as a business owner. All the important facts and news of your own business, employee concerns, overhead, etc…all this minutia can really get to you. What is critical is that it not take away from what is most important: your risk management. Producing leads is important, but what happens when fulfilling the work for those leads takes you into a high level of risk? Really, this is a moot point, because doing business in any era is risky. This economy, though, produces litigation opportunists, and you should have your bases covered. Surety bonds help you do that. Let’s look at how.

First, surety bonds offer you protection in areas that insurance does not. By protecting you in these areas, you can build business in the same areas. Surety bonds protect you when you have a mishap in fulfilling contractual work. You have to pay the surety bond company back, but at least you protected.

Second, surety bonds help you bu9ild business by allowing you to offer a bid in the first place. Most companies, large commercial in particular, won’t even let you bid if you don’t have a surety bond. This makes getting one a top priority.

The good news is that they are really easy to get. Find a good surety bond company, and you are all set.

High risk surety bonds are not as risky as they sound. Any time the word “risk” enters into a conversation with small business owners, we pucker up. We don’t like risk. WE like safe. The irony is that if you use a high risk suety bond, you are safer that you are without one. The reason? You are able to get the work you need. See, you may not know that there are a ton of jobs, commercial ones in particular, that you are not even going to be able to bid on, much less land, if you don’t have a surety bond. They won’t deal with you. What do you do then? If you have bad credit, you are up a creek. This is where high risk surety bonds coe in. Let me explain.

High risk surety bonds are designed for people just like you: good people who have hit some rough times. If you have bad credit for the first time, you are probably hitting some shocking realities head on. It’s harder to get work, harder to borrow money, and here, harder to get a surety bond. If you have to have a surety bond, then high risk surety bonds are for you. The only risk associated with them, is the risk you face without one. You pay a little extra for the bond, but that’s nothing compared to the risk of not having one.

Janitorial bonds are unique in the field. If you need one, you can’t do with out it, and if you don’t it is a complete waste of money. That is perhaps the worst position to be in. If you need something, and are in fact at extreme risk if you don’t have it, but are completely unaware of your need or the risk, IT seems like that would be just like walking along a trail in the dar, only to have the light come out and show you that you have been walking along the edge of a cliff the whole time. If you feel like you might be in that situation, you should be concerned. There are lots of businesses that have had to shut their door because of the risk hat has come from not having a janitorial bond. What’s the risk all about, and how do you know if you need a janitorial bond? I’ll explain.

Janitorial bond are built for cleaning companies. They are at extreme risk because they have employees going into homes and businesses and are in a position to be accused of stealing (or actually stealing). because this is difficult to disprove, the risks are quite high. This is why janitorial bonds were invented, to cover that risk. See, if it is a large enough amount of money, then you could be risking the loss of your business. Get a janitorial bond, and you don’t have to worry.

Fidlity bonds are different than a lot of surety bonds out there. They are built for one situation, and one only. If you need one, you need one. If you don’t you are wasting your money. What business owner likes to waste money? So what is a fidelity bond, and how do you know if you need one? What does it protect you from? Great questions, and I hope these few words help you. Let’s look a little deeper.

Fidelity bonds, also called honesty bonds, are ofr business owners sho have employees in position to steal a significant amount from them. If you have employees that have access to critical data or large amounts of money, then you need to get a fidelity bond immediately. It could be the only thing standing between you and the loss of your business. Doubt that? I know a situation where a business owner had 100,000.00 stolen from him. What would the cost of the fidelity bond have been to cover that loss? 300.00. Think about that. That is a more than 300-fold increase in loss. Many small businesses could not stand that level of loss. Could yours? What would happen to your business if you had an employee steal that much money? Do you have it in the bank to replace the loss? If you don’t, like most businesses today, then you should consider a fidelity bond.

When you need a surety bond, you need it now. Rarely is the case that you need a surety bond “someday”. You are usually in a spot where someone has rejected your bud unluess you have a surety bond on hand. If this sounds like you, and you are out there researching surety bonds, maybe for the first time, then there aresome things you should know. Specifically, there are two words that can absolutely doom your bid to get a surety bond, which means you are not going to get that job. I’ll explain.

Bad credit is going to stop you from getting a surety bond in all but a few cases. If you are one of the many thousands of people who have entered the ranks of those having bad credit (many for the first time), then you should be concerned. Surety bond companies, at least the standard surety bond companies, won’t deal with you. You simply have to have good credit for most of the surety bond companies to deal with you. There is some light at the end of the tunnel, though. Read on.

High risk surety bonds might be what you are looking for. If you just have to have a surety bond, but your credit is not the best, then you should check them out. Surety bond companies that offer high risk surety bonds built them for people just like you: good people who have had a run of bad luck.