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Maintaining a solid surety program can be vital to your company’s success. It is important that your Surety Broker understands your business, so they can advise you on how to maximize your bond program and the overall profitability of your company. Here are 5 ways your Broker can truly impact your company.
1. Reviewing Company Financial Information
Make sure your Broker is reviewing each financial statement and providing you with a detailed analysis of how your surety company analyzes your financials. It is important that your Broker sets up this annual meeting with your bond company. This allows you to discuss year-end results and upcoming bonding needs with them.
2. Understanding the Specifics of Your Trade & Sector
Whether you are a General Contractor or a Trade Contractor working on a federal, public or private project, your broker should be aware of all the nuances that go along with each trade and sector.
Your broker should have relationships with “A” rated Sureties and have direct access to the decision makers. A good Broker works with the top-rated Sureties, to provide you with the most competitive bond program and rate.
3. Surety Market Presence
4. Continuity Planning
There are many options when it comes to a continuity plan, which include ESOP, Key Employee(s) Purchase, Corporate Purchase, and others. Your Broker should be a resource for you to discuss the impact it could have on your bonding program.
5. Customer Service
Communication is the key to every good relationship. You want to ensure your broker is communicating well and will always be available to you.
At TSIB, it is our mission to ensure we understand exactly what our clients need. If you have any questions regarding your current Surety program or upcoming bond work, contact TSIB today!