Top Characteristics of Quality Surety Bonds in New Jersey

Surety bonds are a great way for business owners to protect their investments in outside contract work, particularly construction. To ensure that you get the coverage you need, it is important that you select a good bond. Here are a few characteristics to make sure you are choosing quality surety bonds in New Jersey.

Clear, Concise Coverage

A quality bond should clearly outline the terms of the bond agreement. In any contract there are certain things that both the contractor and business owner are responsible for, as well as certain things that the bond will and will not cover. It is important that you gain a clear understanding of exactly what is being offered, and having it clearly outlined in the agreement is a great place to start.

In-depth Underwriting

Though the bond provider is offering protection in case the job is not completed or is completed incorrectly, it is in their best interested to ensure that there is not much of a chance of that happening. To accomplish this, an in-depth underwriting process should be followed.

Reputable Provider

Similar to insurance, a surety bond is only as good as its provider. There are a few things that you should check concerning the provider, including:

  • Reputation and client reviews
  • Tendency to pay claims
  • Customer service

If you take the time to look for these particular characteristics, you can be sure to select one of the quality surety bonds in New Jersey.

Categories: Insurance, Surety Bonds
This post was written by , posted on July 13, 2015 Monday at 6:15 pm

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