Bond Necessary For Contractors

As a contractor, you may have heard the term "construction bond" or "surety bond" used in the construction industry. But, what are construction bonds, and why is it necessary for contractors to get one? Read on, to find out. As a contractor, it's essential to know what construction bonds are and how they can protect your business. They are a type of insurance that covers the property owner or project developer from financial loss if you, as the contractor, fail to complete the contract as agreed or if you cause damage to the property. Did you know that bonds are…