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Construction projects involve many types of risk, from property damage and material losses to contractor default and project delays. Builder’s risk insurance and surety bonds are two important tools used to manage those risks, but they provide very different types of protection. For Michigan contractors, understanding the difference and knowing when each may be required…
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When evaluating a contractor for a surety bond, underwriters focus on three key factors known as the Three C’s: Character, Capacity, and Capital. Together, these help determine how likely a contractor is to successfully complete a project without the surety having to step in. Character: Your Reputation and Track Record Character reflects your reputation, experience,…
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Construction and roadwork remain among the most hazardous industries in the United States. From heavy equipment and roadway traffic to changing weather conditions and physically demanding work, contractors face risks every day. While no jobsite can eliminate every hazard, a proactive safety and health management program can significantly reduce workplace injuries, improve productivity, and help…
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The Producer Price Index (PPI) for inputs to new nonresidential construction increased 1.7% in April and rose 6.6% compared to April 2025, according to recent data analyzed by the Associated General Contractors of America (AGC). Rising material prices continue to place financial pressure on contractors, developers, and construction companies throughout Michigan and surrounding states. Increases…
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In today’s fast-moving construction and business environment, timing is everything. Whether you’re bidding on a new project, securing a license, or meeting contractual requirements, having the right bond in place—quickly—can make all the difference. Delays in bonding can mean missed opportunities, stalled projects, or compliance issues that impact your bottom line. Construction Bonding Specialists, LLC…
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Spring marks the start of a busy season for contractors across Michigan. For those involved in utility, highway, civil, transportation, federal, heavy, and building construction, proper preparation is essential to stay on schedule, maintain compliance, and secure the right bonding before projects ramp up. Planning for Utility and Infrastructure Work Spring is a key season…
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