No matter what kind of contractor you are, you should have New Jersey surety bonds for your projects. There are a wide variety of bonds that you may need, and getting the right one for the right job is important so you are protected.
New Jersey surety bonds are essentially a contract where a surety company says the contractor will comply with state contractor laws, and will not violate them in a way that could result in customers, suppliers, or an employee of the company filing a claim. It’s not the same as an insurance policy, because the contractor is still liable for obligations and will be required to repay the surety bond if the bond issuer incurs a loss, but it is an added level of protection for those doing business with the contractor.
There are dozens of different surety bonds in New Jersey that protect people who enter into business contracts with different types of companies. They can protect consumers, suppliers, and business partners from fraudulent activity or unethical business practices. To identify which types of surety bonds are required for your business or your next project, check with the state office. In some cases, you may not be required to have surety bonds, but it may be a good way to get some extra protection and be able to put consumers at ease when they work with you.
Bonds can protect you and your consumers. When you’re ready to get New Jersey surety bonds, contact Vreeland Insurance to learn more.