The Best Surety Company Offers the Lowest Bond Rates.
It really is that simple when you are looking for a surety company bond. You don't have to pay a high quote for those who have just seen your rates increase dramatically. The majority of bonds that saw usage rate increases were contractors license bonds. For some reason some of the companies issuing these bonds made a decision to check credit reports being a condition of establishing the pace.
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It is ridiculous to believe that the performance of the company would be related to the credit rating of your individual, but that is apparently the case with some from the surety company quotes. Fortunately that there are many companies that now offer lower rates and these companies are all available online. The companies that are able to issue the cheapest prices are those that are advertising as they know there are many contractors as well as other business owners looking to decrease the expense of their bonds.
For people who only need to have a bond for any contractors license, you have probably seen that your quote was greater than you had seen in previous years. Even if you're looking for a performance bond, you should take the time to check prices from different companies. Many contractors have complained because they thought they did not come with an alternative to the price they received for renewal. Unfortunately, I never saw anything posted in a contractors newsletter letting them know that they had lower cost options. For people who decided to check out other options, they have seen that they are unavailable to save a lot of money as compared to the quote they received inside the mail.
Having had a contractors license for more than 20 years, and never using a claim against my license or my bond, I must say I was shocked after i saw the rate. Nevertheless, I decided to do some checking around and was delighted after i found a rate that was the same as I had been paying before. The rate I currently pay for my surety company bond is identical rate I had been paying before, so I decided to lock it looking for a three-year term. The savings in my case was over $1000 each year and $3000 combined since I locked in the rate for three years. Based on my example, I think you now see why it really is worth your time to complete some looking around.
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