Getting a Maryland construction bond meant all the world to Jean Baker, who had grown up in the construction business, learning everything at her dad’s knee when her brothers (who everyone had assumed would go into the business) wanted to do anything but follow in their dad’s footsteps. Now 15 years later, Jean is doing it on her own—a minority in the business, but every bit as capable as her male counterparts. Jean has endured her share of sexism, but once people get past the cute, perky blonde and realize her talent and exceptional experience, they frequently go on to accept Jean’s bid for their project.
Jean has a lot of experience in revitalizing older private and commercial spaces, returning them to their former glory, but she’s interested in going after a plum project in a neighboring city that’s worth more than a quarter of a million dollars. To even be considered for this government project, though, Jean will have to obtain a surety bond, because it’s a basic requirement for contractors who intend to work on a federal contract that amounts to $150,000 or more. This instrument will cover either the cost to find a replacement contractor to complete work if Jean can’t, or will pay the project owner for the resulting financial loss.
Fortunately, Jean works with a professional insurance agent who has experience in securing these instruments for her clients. Her agent put Jean into a program run by the federal Small Business Administration, which gives small firms the ability to secure various types of bonds on a contract-specific, performance, or payment basis.
In today’s touch-and-go economy, your agent is your partner in navigating this complex market. Your agent can not only guide you through the Maryland construction bond process and match you with the appropriate surety provider, he or she can also offer guidance on everything from accounting practices to understanding laws governing subcontractors, general contractors, and owners, so that exposure to risks is minimized. If you are intent on building your business as much as Jean Baker is bent on expanding Baker Builders, contact your agent today to learn more.