Author, Andy Roberts, Surety Account Executive, Rancho Mesa Insurance Services, Inc.
In a recent special StudioOne™ Podcast episode, I’m joined by my three fellow board members of the Surety Association of San Diego as we explore some of the biggest challenges facing contractors in 2024 and beyond.
Challenges Ahead
As we look ahead, contractors are bracing for significant hurdles, including:
Inflation and Material Costs
Supply Chain Disruptions
Labor Shortages
Bonding Capacity Constraints
All of these issues can have a direct effect on a contractor’s bonding capacity, making it important that they get the most out of their surety relationship.
Maximizing Your Bond Program
To navigate these challenges effectively, contractors can take proactive steps to maximize their bond program:
Work with Experienced Surety Agents
Financial Preparation and Accounting Processes
Transparency about Financials and Backlog
Regular Meetings with Underwriters
By taking a proactive approach to identifying and addressing current and potential future challenges, contractors can maximize their bond program and position themselves for success in 2024 and beyond. By working closely with experienced surety agents, optimizing financial management practices, and fostering open communication with underwriters, contractors can navigate the complexities of the construction industry with confidence.