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California Contractors Contract Bond
Whether you own a small business with multiple employees or a micro-sized business that you operate on your own, it is important to have sufficient commercial coverage in place for protecting your interests and those of your clients. The most important policy for company owners to have is a surety bond. Following are several, key reasons why.
California State Law requires that all contractors have a California contractors license bond, also known as surety bonds.
Licensing and commercial insurance go hand in hand. If the issuing body that has provided your license number is informed of a consistent failure on your part to maintain coverage minimums, you may be denied licensing renewals. Infractions like these can be reported by both consumers and any number of regulatory bodies. Thus, it pays to shop around for a plan you can afford.
The details of your coverage should be remitted to prospective clients and existing clients alike, ahead of any work that your perform. You shouldn't wait for a problem to arise before sharing this info. This is actually information that many people and companies will want to review as part of their normal hiring processes.
Companies that lack sufficient coverage are not very marketable within their respective niches. Many consumers and businesses know better than to accept the risk of working with unlicensed parties. Should an accident injury happen to occur, they could wind up with all of the related bills. Due to this fact, savvy individuals always ask for insurance certificates before making their hiring decisions. While you may think that you can't afford coverage, the reality is that most companies cannot afford to operate without it.
These plans protect consumers against liability should you or one of your workers suffer an injury while on their property. It will cover any special legal expenses, medical fees, lost wages and other damages. These are all costs that would otherwise have to be paid out of pocket, whether they are assumed by you or the owner of the property on which you are working.
It is important to note that certain industries and locations have made this cover a legal requirement. This means that if you fail to have it, you could be subject to fines and other penalties. This is yet another way in which purchasing an acceptable plan can actually save you cash in spite of the related upfront spending.
All company owners should note that there is no set price for this type of cover. There are also varying limits that you can secure, based upon your risk profile and the type of work that you will be performing. Many different factors will affect your coverage costs and a large number of surprising discounts are available for those who are willing to shop around.
In spite of the fairly modest fees that they can charge, brokers can help consumers and companies save considerable sums on these essential purchases. They can also help their clients find the best plan types, limits and terms for their own unique needs. Working with these entities will allow you to meet legal requirements, appease your customers and prospective customers and protect your personal and financial interests; all without your having to spend beyond your means.