Contractors Bonding and Insurance Company

Contractors are required to have insurance and bonding in order to protect their clients and their business. Contractors Bonding and Insurance Company (CBIC) is one of the leading providers of insurance and bonding for contractors in the United States. CBIC provides a variety of insurance and bonding products that are tailored to the needs of contractors. This article will explore the services offered by CBIC and how contractors can benefit from them.

What is CBIC?

CBIC is a national surety and property casualty insurance company that specializes in providing bonding and insurance to contractors. The company was founded in 1979 and has been providing services to contractors for over 40 years. CBIC is headquartered in Seattle, Washington and has offices throughout the United States.

The company is accredited by the Better Business Bureau and is rated A+ by A.M. Best, which is the highest rating given by the insurance rating agency. CBIC has also received awards for its customer service and for being a great place to work.

What services does CBIC provide?

CBIC provides a variety of insurance and bonding services to contractors. These services include:

Service
Description
Bonding
CBIC provides bonding for contractors to guarantee that they will complete a project as specified in the contract.
General Liability Insurance
CBIC provides liability insurance for contractors to cover damages or injuries that occur during a project.
Commercial Auto Insurance
CBIC provides auto insurance for contractors to cover accidents involving their company vehicles.
Workers’ Compensation Insurance
CBIC provides workers’ compensation insurance for contractors to cover injuries or illnesses that occur while on the job.
Professional Liability Insurance
CBIC provides professional liability insurance for contractors to cover errors or omissions that occur during a project.

Why is insurance and bonding important for contractors?

Insurance and bonding are important for contractors because they protect their clients and their business. When contractors have insurance and bonding, it shows that they are financially stable and responsible. This gives clients peace of mind knowing that if anything goes wrong during a project, they are protected.

Insurance and bonding also protect the contractor’s business. If a claim is made against a contractor, their insurance and bonding will cover the damages or losses. This prevents the contractor from having to pay out of pocket, which could be detrimental to their business.

How can contractors benefit from CBIC?

Contractors can benefit from CBIC in a number of ways. First and foremost, CBIC provides a variety of insurance and bonding products that are tailored to the needs of contractors. This means that contractors can get the coverage they need to protect their clients and their business.

CBIC is also known for its exceptional customer service. The company has received numerous awards for its customer service and is dedicated to providing personalized service to its clients. CBIC also has a team of underwriters who specialize in bonding and insurance for contractors. This means that contractors can get the expertise they need to make informed decisions about their coverage.

Finally, CBIC has a strong financial rating and is backed by some of the largest insurance companies in the world. This gives contractors peace of mind knowing that they are working with a reputable company that has the financial strength to back up its policies.

FAQ

What is a surety bond?

A surety bond is a contract between three parties: the principal (the contractor), the obligee (the client), and the surety (the bonding company). The bond guarantees that the principal will fulfill their obligations as outlined in the contract. If the principal fails to meet their obligations, the surety will pay the obligee a specified amount of money.

How much does insurance and bonding cost for contractors?

The cost of insurance and bonding for contractors varies depending on a number of factors, including the type of coverage needed, the size of the business, and the risks associated with the project. Contractors can get a quote from CBIC to find out how much coverage will cost for their specific needs.

What happens if a claim is made against a contractor?

If a claim is made against a contractor, their insurance and bonding will cover the damages or losses. The contractor will need to file a claim with their insurance or bonding company and provide documentation of the claim. The insurance or bonding company will then investigate the claim and determine the appropriate action to take.

How do I get insurance and bonding from CBIC?

Contractors can get insurance and bonding from CBIC by contacting the company directly or through an independent insurance agent. CBIC has a team of underwriters who specialize in bonding and insurance for contractors and can help contractors determine the coverage they need.

What is the difference between general liability insurance and professional liability insurance?

General liability insurance covers damages or injuries that occur during a project, while professional liability insurance covers errors or omissions that occur during a project. Professional liability insurance is also known as errors and omissions insurance. Contractors who provide professional services, such as architects or engineers, should consider getting professional liability insurance in addition to general liability insurance.

What is workers’ compensation insurance?

Workers’ compensation insurance covers injuries or illnesses that occur while an employee is on the job. Contractors who have employees are required by law to have workers’ compensation insurance in most states.

In conclusion, CBIC is a leading provider of insurance and bonding for contractors. The company provides a variety of insurance and bonding products that are tailored to the needs of contractors. CBIC is known for its exceptional customer service and has a team of underwriters who specialize in bonding and insurance for contractors. Contractors can benefit from CBIC by getting the coverage they need to protect their clients and their business. If you are a contractor, consider getting insurance and bonding from CBIC to give yourself peace of mind and protect your business.