General contractors shoulder a huge responsibility. Not only do they need to ensure a project gets completed on time and under budget, but they must also choose the right subcontractors. Finding qualified specialty trade contractors and other skilled labor adds more complexity to a project. Another issue general contractors face is whether or not they should require surety bonds from their subcontractors. Taking the hit from a defaulted subcontractor is the last thing many want to face. If they fail and the project gets behind schedule, clients become upset, and the general contractor’s reputation is on the line.
An article in Surety Bond Quarterly lends some insight on best practices for determining if you should require a security bond from your subs:
Ensure your project is well protected if a subcontractor fails to perform by requiring surety bonds on all your Mississippi projects. The team at Hawsey Insurance specializes in providing bond services, including bid bonds, contractor bonds, fidelity bonds, and much more. We also handle a variety of insurance products to protect all aspects of your contracting business. Look to us for general liability, worker’s compensation, property insurance, and umbrella insurance. We take our relationship with you and your success seriously. When you succeed, we succeed. Call us today!
Hawsey Insurance agents can help you obtain the right surety bonds for your Mississippi projects. Contact us today to schedule an appointment at one of our three locations in Jackson, Madison, or Southaven, MS.