Knowledge Corner

As a business owner, your company’s customer service is one of the keys to your success. The service that you should expect from your Surety Broker should be no different. Below are some of the best practices that your broker should be following.

1. Communication

The success between any working relationships is good communication. When working with your Surety Broker, keep in mind their communication with you and your company. If they are returning your calls/emails and proactively talking to you regarding potential concerns, they are providing you with good customer service.

2. Focus On The Clients Point of View

Often, Surety Brokers focus on what they think your company needs. A good broker should focus on your company’s business plan, and help tailor a strategy to get you there. It shows they truly understand their client and want what is best for you and your business.

3. Resolve Issues In A Timely Manner

Every project brings its own set of unique obstacles. It is important that your Surety Broker acts as a resource to help you and your business resolve arising issues in a timely manner. This shows that your broker is a partner in your company and is not just there to collect a premium.

4. Proper Surety Matches

A good Surety Broker has access to various Surety Companies and has intimate knowledge of each Surety’s client profile. This allows your broker to match your company with a Surety that will provide bonding for your unique needs.

5. Competitive In The Marketplace

In terms of bonding capacity and rate, you want a Surety Broker that is going to get you the most competitive program and rate that you qualify for. As your company’s financial position improves, it’s important that your broker works with you to increase your program limits and evaluate your bond rate, to keep you competitive.

6. Understands Your Business

It is important that your Surety Broker is able to advise you on how to maximize your bond program and overall profitability of your company. This is why you want to work with a Surety Broker that truly understands your business. They should have a proven track record of working with construction companies and building their businesses.

Keep these best practices in mind when working with your Surety Broker, to ensure your company’s success. Having a Surety Broker that focuses their attention on your needs is necessary for your company’s success. 

If you have questions about what other services your Surety Broker should be doing or want to learn more about bonding opportunities, contact TSIB today!

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