Changing the Game (Webinar Recap)

Changing the Game (Webinar Recap)

Contractors 0
Webinar Recap: How Your Approach to Surety Bonds Should Change with the Economy

As we see changes with-in the economy, contractors may ask, “Do I need to adjust our surety bond program?”

The Miller Group sat down to talk with three experts in the surety bond game to answer this question. Our panel included:

The discussion started quickly with input from the specialists regarding these topics:

  • Recent changes in contract language.
  • Suggestions for addressing price escalations and material shortages.
  • Maximizing tax savings while maintaining the underwriting requirements of the surety company.
  • What contractors can do right now to stay ahead of the game.

With changes in the legal landscape of contract language,  contractors can see language being more forgiving on materials and negotiating tailored price escalations into contracts. The language should leverage contractors and address concerns in this tight market. Voicing pain points on specific materials or line items can create successful contract language rather than blanket price escalation languages.

Contractors in today’s environment should look for opportunities in their tax savings by having open communication with their underwriter and CPA. They can provide insight on the best ways to optimize tax planning and substantial changes within the company that could affect surety bonds.

What can contractors do right now to change their position in the surety game? The panel highlighted that open communication with surety experts is essential. Being open-minded and listening to innovative ideas from these experts can accelerate programs to be prepared for future mishaps.

Watch The Full Discussion to learn more about how a potential recession could impact surety bonds, what experts look for in a prospect, contract language to look for, and more.

 

By Paige Turner, Director of Surety, The Miller Group

See Also:
How Automation Will Impact Insurance Costs
Avoid Costly Claims: Are Your Subcontractor Certifications Compliant?
How Purchasing Materials Early May Create Insurance Problems

 

 

 

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