Book Your Meeting to Get the Best Contractor Bonds in Houston TX
Are you about to get trusted with a big construction project, and the only thing that stands in the way is a “contractor bond”? Well, if that is your case, here at Pay Less Insurance, we can have you back since we offer the most effective & affordable contractor bonds in Houston TX.
If you are new to these financial terms, we ask you to bear with us a little longer since we’ll explain what these bonds are, how they benefit your construction company, and we’ll make some other “unusual terms” a little more digestible.
If you are already familiar with contractor bonds, you can skip our section on “How a Construction Bond Works?” and start reading the section of “The Main Reason for an Investor to Ask You for a Construction Bond?”
If you don’t want to read, and you need some understanding of this type of insurance bond, feel free to call us. We’ll do our best job to explain to you the benefits and your options when it comes to construction surety bonds.
If you are ready to get a contract & construction bond from Pay Less Insurance, the following ad will be of your interest.
Please pardon us! This is the boring part where we get to explain all the unusual terms that has to do with our insurance of contractor bonds in Houston TX. Although it’s boring to talk about surety company, construction bonds, obligee, financial guarantee, among others, there is no way around it.
We have to explain it in a way that we made ourselves clear, and that you know what to expect from us, and how our process works.
SO, WHAT IS A CONSTRUCTION BOND?
With a construction contractor bond, also known as a contractor license bond, your building company makes a payment to us, the insurance company. And in return, Pay Less Insurance will guarantee to your client(s) that the work/project will be performed according to the contract.
If for any circumstance your company can’t complete the job as stated by the contract, the client(s) or investors can file a claim to recover losses or damages.
And if you buy one of our surety bond contracts, Pay Less Insurance will have to cover the damages.
WHAT IS A SURETY BOND?
A surety bond is a guarantee of debts of one party (you as the building contractor) by the surety company or guarantor (we, Pay Less Insurance).
In other words, our construction bonds in Houston TX will provide adequate insurance and trust to the project owner that you as a contractor will perform according to the terms stated in the construction contract.
WHAT IS THE MAIN REASON FOR AN INVESTOR TO ASK YOU FOR A CONSTRUCTION BOND?
The answer is pretty much straightforward. There is big money in play.
And construction bonds will protect your client (the person that is investing in the building project) against overall job incompletion and nonpayment of materials from suppliers & labor from subcontractors.
We’ll try to give an example:
Imagine a client that wants to invest in a large-scale renovation of his/her business facilities. And to complete this massive renovation he/she needs a trusted and affordable general construction company (you as the building contractor).
As we said, the types of projects that ask for a contractor license bond are inversions that are costly.
Let’s say the client investing will have to buy pricey materials & pay significant amounts of money upfront.
In some other instances, the client has to even close his/her business for the sole purpose of completing the job.
So, what we are saying is that the investor or business owner knows that he/she will be putting a lot of money in the hands of the building contractor (in this case, you). Also, the investor knows that there a lot of risks and variables that are beyond his/her control.
Here is where a construction bond is a right answer to safeguard significant investments from this type of risk. This will be the ideal guarantee to the investor that his/her business won’t be affected by any failure in terms of the contract or project incompletion.
And also, here is where Pay Less Insurance as the guarantor comes into play. We offer the guarantee that the investor won’t lose money in his investment with our contractor bonds in Houston TX.
We’ll act on your behalf to fulfill your contractual obligations to your client (the investor).
HERE ARE KEY TAKEAWAYS ON CONTRACTOR BONDS AND HOW THEY WORK!
There are generally three parties involved in a construction bond:
The investor/project owners, also known as the obligee.
The party or parties building the project.
The surety company that backs the bond.
A construction bond is a type of guarantee used by investors to protect their construction projects.
Our contractor bonds in Houston TX will protect real estate investors, the government, or business owners from financial loss or disruptions due to the failure to complete a project or comply with the project specifications stated in the contract.
Also, these bonds ensure a construction project’s bills are paid.
If you, as the general construction company, don’t abide by the conditions of the contract, your construction company and Pay Less Insurance are both held liable.
If this happens, we, as the surety company, need to pay the damages.
CONSTRUCTION BONDS IN HOUSTON TX: WE SELL YOU THE CONSTRUCTION BOND THAT SERVES YOUR PURPOSES BEST !
Here at Pay Less Insurance, we have more than ten years working as an insurance company. And we always provide our clients with the right contractor bonds at the best price.
And when it comes to the construction industry, we offer three main types of construction bonds. These are bid, performance, and payment bonds.
We’d love to define these three types of bonds, but we are afraid we would kill you of boredom. So, we’ll leave these links if you want to learn more about them.
Also, if you want us to explain them to you (what they are, differences, and your best option), we’ll be more than happy to do it.
We promise we’ll make ourselves clear! Are you interested in financial advice? Call us now!
BOOK YOUR MEETING TO GET THE BEST CONSTRUCTION BONDS IN HOUSTON TX!
As our name says, in “Pay Less Insurance” you’ll pay the lowest price for the best construction bonds in Houston TX. We’ll always protect your construction company so that you can build, grow & succeed.
In the end, our goal is to maximize the coverage of your insurance packages at the lowest price possible. In this way, you’ll minimize the financial losses of your construction company and the investors who trust their money and projects to you.