Stay up to date with company updates, industry news, and more.
At Surety Support Services we look forward to serving you in 2018. We begin this year with a new website that offers you new ways to communicate, more bond information and easier ways to purchase bonds. Throughout the year we will offer more blog content and new interactive features to the site.
In today’s lending environment, with credit easy to obtain and often inexpensive many contractors are tempted to choose to secure jobs with Letters of Credit over Surety Bonds. On the surface, this may seem like a sound business strategy, but dig a little deeper and you will discover there may be money and opportunity lost with this approach.
The Tax Cuts and Jobs Act was signed on December 22, 2017 but the impacts are just now being seen and felt by business owners, especially in the construction industry. Below we have highlighted some of the tax law changes that will be of great interest to contractors and other construction professionals.
It all starts with bid bonds, and the wise contractors have a surety bond program established long before they ever start bidding public work. Why spend the time and money estimating a job if you are unable to get the necessary bid, performance and payment bonds?
The medical device sales regulation exempted all physicians and dentist until recently. On November 28, 2018, the Centers of Medicare and Medicaid Services (CMS) added a new bond requirement for certain medical device distributors. Now Dental Sleep Medicine professionals who distribute medical devices prescribed by other physicians must obtain a $50,000 bond. These practitioners must comply within 30 days of their CMS notification letter.
Infrastructure projects are highly sought by contractors nationwide. Industry forecasts are valuable tools for business planning and income projections. At Surety Support Services, we prepare our agents to meet the needs of their construction clients. This month we take a look at two industry reports that give great insight into 2019 construction opportunities.
Surety agents are key advisors in the entire process. They understand what is expected by both the organization requiring the bond and the surety underwriters. This understanding allows your agent to help in more ways than you may expect.
Unions want to make sure companies uphold union contracts. As a precaution, unions require any company that employs their members to have a surety bond in place. This bond makes sure the employer handles dues properly, pays and administers benefits, and in general honors all the terms of the union contract.
Insurance agents should look beyond the general contractor when considering which clients are good prospects for surety sales. Specialized subcontractors are an even larger prospect pool since general contractors subcontract out most of the labor to many different companies.
It’s easy to tell your customers that you will fulfill your contractual obligations. It’s also easy to tell them that you are trustworthy. But how about the solid assurance of a corporate surety’s guarantee that your work will be performed in a timely manner and your bills will be paid?
Surety Support Services, provides surety solutions for your clients. As a surety only agency, we spend our time on bonds, giving you more time to do what you do best, insurance.