Here's a secret your business may not have thought about using. Surety bonds can double as a marketing tool. How can bonds, an investment you make in your business to keep it financially safe, help you to market your business?
Many homeowners today are quite savvy. They understand the risks of bringing an independent contractor or small business onto their property to provide a service. When they learn that your company is financially backed by a surety bond, they are more likely to trust you, work with you and recommend your services to others.
Surety bonds are a contract between three parties. They link your business (the principal) to the client or customer you do work for (the obligee) and the insurance provider (the surety). This means that, if you fail to complete the project the way you promised to do so, the individual client can request a claim against the bond to have the work completed by another company. It's a level of safety for the customer to count on should the company they hire make a mistake or default throughout the process.
Let's say, for example, your business promises to pour concrete for a residential property owner. Your team makes a bad mistake in the process and your customer isn't happy with the results. They don't want to trust you to do it over and you failed to meet the requirements of the contract. The customer then has the ability to use the funds from the surety bond to get the work done by another provider.
Because of this extra level of "surety" or confidence, customers and clients who have never used your service before can do so with less risk. As a result of being bonded, customers may be more likely to work with you over a company that does not offer this type of protection.
What your job is, then, is not only to have the appropriate surety bond in place, but also to ensure you let your would-be clients and customers know you have it. In doing so, you reduce the risk to them and you help give them that extra push they need to decide to work with you over the other guy. Make sure you note your bonds in your marketing materials for this reason.
Do you have the protection of a bond? Call La Familia Insurance at (888) 751-7511 for more information on Dallas surety bonds.