In the world of construction, a bond program is the lifeline to your income stream. Without a surety willing to back your contracts, your company’s income stream can dry up. Needless to say, having a bonding program in place is important. But even more important is having a bond program that is progressing with the goals you have set for your company.
As an active bonding agency, we see, time and time again, companies who are asking the same question, “How do we get to the next level?” Well, there are many moving parts to the answer to that question. But the one underlying cause of being trapped in a stifling bond program is the same:
Your bond program has no goals.
Unfortunately, the traditional approach to managing a bond program is basically “out-of-sight, out-of-mind.” As long as the company can bond their next job and doesn’t make waves about advancing their single job or aggregate limits, the bonding agency is happy to let the relationship continue status quo. The obvious problem with this is that you, the business owner, never achieve your goals. Having a bond program that is only focused on writing a bond for the next job is like putting your company in a hamster wheel…you are running fast and keeping up, but you really aren’t getting where you want to go!
At Texas Associates Insurors/NewFirst Insurors we employ a unique but simple approach to managing our clients’ Surety Relationships. Every company has its own set of needs, and there are no “cookie cutter” solutions to reaching your goals in any bond program. We realize the importance of providing our clients with a road map to get to where they want to go. You need real answers you can use so that you don’t find yourself at a dead-end.