When a customer is unsatisfied with the service provided to them by the construction company, they will have the option to file a claim against the bond of the company. Bonding insurance provides financial protection if the contractor fails to deliver on the expectations of the customer.
Even though it seems like bonding insurance protects the customer, the contractor also benefits from obtaining this coverage. Companies with this insurance are deemed more credible which leads to more customers. It showcases a sense of responsibility on the contractor’s part.
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