General construction, carpentry and other specialty contractors frequently need surety bonds either to meet licensing requirements or performance bonds to guarantee the fulfillment of contracts. A construction contractor's or carpenter's fidelity bond is an inexpensive way to offer superlative protection to clients and to legally advertise as a "bonded enterprise". This type of crime coverage is often referred to as a "third party fidelity bond" or "dishonesty bond". Fidelity bonds for construction professionals may be written on a blanket basis that covers ALL clients or client/contract-specific basis which is convenient if the carpenter's customer is a financial institution or high net worth individual that requires dishonesty coverage. A fidelity bond covers the dishonest acts of employees that provide services "on the premises" of clients. Employee theft from client property is common. Studies have shown that approximately three quarters of retail and labor employees steal from their employers or employer's clients and some point and that those losses often account for a significant portion a firm's income. Your carpentry business may be vulnerable to losses like these.
Background and reference checks are good risk reduction tools however they are no guarantees that a contractor will not commit a dishonest act. One significant loss can zero a carpentry company's total annual revenue. A client lawsuit against a construction firm can result in insolvency and irreparable reputation damage in the industry. Employee theft is the cause of over a quarter of business failures. A fidelity bond for carpenters can mean the difference between closing the shop or running a profitable business that enjoys the trust of its community.
National fidelity bond leader, Surety One, Inc., specializes in underwriting fidelity risks for ALL types of businesses. No background checks are required and we NEVER turn deny an applicant. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here to discuss your construction and carpentry fidelity bond need. We offer commercial crime coverage, cyber risk and hi-cap third party fidelity bonds in all fifty states, Puerto Rico and the U.S. Virgin Islands.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.