As we move further into 2025, the surety bonding market in New York and Pennsylvania is poised for significant growth and transformation. Driven by economic, legislative, and technological factors, the future of surety bonding in these states presents both opportunities and challenges for contractors, surety companies, and stakeholders.
Subcontractors on a construction project face many risks, from serious injuries to property damage and costly delays. To avoid a big loss, make sure you’re adequately insured. Commercial general liability, workers’ compensation, inland marine and installation floater insurance are just some of the coverages you may need.
The surety bonding market is experiencing significant changes, driven by various economic and legislative factors.
Combining hold harmless and indemnity agreements with insurance provides comprehensive financial security for your organization, with state regulations. Proper handling of claims not only helps in reducing costs but also supports a safer workplace environment.
Surety bonds are often required for public and private projects, serving as a guarantee that contractors will fulfill their obligations. Building your surety capacity involves strengthening financial, operational, and relational factors to increase your bonding limits and instill confidence in surety providers.
Effective management of workers’ compensation claims involves prompt investigation, thorough documentation, timely reporting, and active management.
By taking a proactive approach to cybersecurity and implementing the best practices outlined in this article, you can help protect your organization from a cyber attack and, if one occurs, minimize the impact on your business.
In the realm of construction and development, contract surety bonds are indispensable tools that ensure the successful completion of projects.
There have been significant changes applicable to New York State workers’ compensation in 2024. For the ninth consecutive year, an aggregate rate decrease is on the horizon.
On-site contractors also secured their own workers’ compensation insurance. According to the International Risk Management Institute, all these insurance coverages added about 6% to the total project cost. Often, project participants were confused about who had coverage or whose insurance would pay a claim.
