For now, the building industry remains strong with labor shortages proving to be the toughest obstacle to overcome for construction companies. As the business and credit cycles turn, maintaining healthy backlog levels will become a critical issue for contractors. Maintaining a bond program, even if you don’t regularly use it, can help your company keep a healthy backlog, diversify its revenue stream in a downturn, and go after larger jobs that others can’t. In the end, your company will be ready to face any economic headwinds with continued support from your surety bond company.
No matter the business cycle, sureties look for predictable margins and will terminate accounts that present too many...Read More