Surety

Agents can play a central role in identifying carriers and matching their surety appetite to their clients. Here are three ways agents can add value with surety.

The product covers financial losses from social engineering fraud, dishonest acts of an employee and unauthorized access by hackers.

The surety industry is one of the most complex markets in insurance—which makes it a great avenue for independent agents to prove their value. But in a persistent soft market, adding value beyond price is easier said than done.

Due to the amount of detail and sensitive information involved in the surety bond process, it’s important to choose a reliable wholesaler to support you and your client.

The ongoing labor shortage in the construction market continues to put pressure on project scheduling and costs for contractors. But for contractors who are struggling to manage scarce resources, the surety market offers relief.

Independent agent Richard Miller predicts that the surety bonds market will remain strong in the long term. “The future of surety is endless,” he says. “As long as there are jobs to be done, financial guarantees are required, and bonds are uniquely suited

In a soft market where competition is fierce, adding value beyond price can be easier said than done. Here are three strategies for building stronger relationships with your surety prospects and clients.

What many contractors don’t understand is that a surety bond doesn’t protect the contractor. It protects the project owner from loss by the surety if the contractor fails to fulfill their obligations.

Independent agent Frances Blanks started her agency when the chief judge of the county probate court asked her for help. “I put everything together—the companies, space and everything necessary to run a business,” she says.

Although agents work hard to avoid facing errors & omissions claims, many are not aware of potential issues that can arise when handling bonds. Here are some common surety-related missteps that can create E&O exposures—and how to avoid them.