Category: Construction Bonding Specialists

Understanding Contractor License Bonds and Permit Bonds

Image of a construction worker holding his hard hat.

When you’re navigating the world of contracting and construction, understanding the different types of bonds can be crucial. Among these, Contractor License Bonds and Permit Bonds stand out for their role in ensuring compliance and ethical practices. This article describes these two bonds, explaining their importance and how they function within the industry.

What are Contractor License Bonds and Permit Bonds?

Contractor License Bonds and Permit Bonds are types of surety bonds that involve three key parties: the obligee, the principal, and the surety.

  • The Obligee: Typically, a city, state, or municipality that requires the bond.
  • The Principal: The contractor or business required to secure the bond.
  • The Surety: The insurance or bonding company that guarantees the bond.

These bonds serve as a form of insurance for the obligee, providing a safeguard that the principal will adhere to statutory requirements. Essentially, they are designed to protect public health, safety, and welfare by ensuring contractors fulfill their obligations.

Purpose of License & Permit Bonds

The primary purpose of these bonds is to provide a financial guarantee that contractors will comply with all applicable laws, ordinances, and regulations when they undertake a construction project or engage in business within the jurisdiction that requires the bond. They are a critical tool for risk management in construction and other industries requiring permits.

How Do These Bonds Work?

A Contractor License Bond or Permit Bond is essentially a promise made by the surety to the obligee. If the principal fails to meet the statutory requirements, the surety ensures that the obligee is compensated. This guarantee helps maintain standards within the industry by holding contractors accountable for their responsibilities.

  • In case of a breach: If a contractor does not comply with the conditions of the bond, the obligee can make a claim against the bond to seek financial compensation.
  • Resolution: Upon a claim, the surety investigates and, if the claim is valid, pays the obligee up to the bond amount. The principal is then required to reimburse the surety for any payouts made.

Why are They Required?

Cities, states, and municipalities require these bonds as a means of prequalification, indicating that a contractor is capable of complying with building codes and project-specific requirements. It’s a layer of protection for the government and its citizens, ensuring that only qualified contractors are hired for public works or large-scale projects.

Contractor License Bonds and Permit Bonds are essential tools in the construction industry, fostering trust and compliance. They ensure that contractors are financially and ethically bound to meet their obligations, thereby enhancing the integrity of the industry. For contractors, obtaining these bonds is not just a legal requirement but a mark of reliability and professionalism. As such, understanding and managing these bonds effectively is key to a contractor’s success and reputation in the industry.

Not sure where to start? Contact Construction Bonding Specialists for expert bonding solutions!

At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

Optimizing Construction Site Safety with Effective Safety Walks

Animated image of a road ‘Under Construction’ sign.

Construction sites are inherently risky, with ever-changing environments requiring vigilant safety practices. Safety walks are crucial for identifying and addressing potential hazards before they escalate. These routine inspections help ensure worker safety and compliance with regulations.

Key components of a safety walk include:

  • Regular and Random Walks: Conduct daily scheduled walks and random inspections to capture unseen issues, ensuring ongoing familiarity with the site’s evolving conditions.
  • Preparation and Planning: Before a walk, understand the current work, workers, equipment, and potential hazards. This proactive approach helps in spotting both expected and unexpected problems.
  • Documentation and Communication: Use construction management software to document hazards and communicate necessary actions to relevant personnel. This helps maintain clarity and accountability and reduces potential liabilities.
  • Best Practices Implementation:
  • Prioritize high-risk areas based on OSHA’s “Focus Four” hazards: falls, caught-in/between, struck-by, and electrocution.
  • Engage with workers directly to reinforce safety protocols and encourage hazard reporting, enhancing the safety culture on-site.
  • Involve external stakeholders like local fire departments or OSHA for broader insights and compliance assurance.

Safety walks are a routine check and a cornerstone of a comprehensive safety management system. They require consistent execution, thorough planning, and active engagement from all team members to mitigate risks and effectively ensure a safe working environment.

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At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

Key Points on Complying with State Law When Forming a Joint Venture

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As highlighted by PilieroMazza, small business joint ventures (JVs) aiming for set-aside work must adhere not only to Small Business Administration (SBA) JV regulations but also to relevant state laws. A recent ruling by the SBA’s Office of Hearing and Appeals (OHA) underlines the critical importance of this dual compliance. In the case of SysCom, Inc., SBA No. SIZ-6195 (March 7, 2023), OHA reversed a decision that had found SNI United, LLC—a JV between an 8(a) participant and a small business—eligible for an 8(a) contract award. The reversal was due to SNI’s failure to comply with Michigan state laws and its bylaws, which allowed its non-8(a) member to exert undue control over the JV.

Specifically, Michigan law requires a designated manager in a JV’s operating agreement or articles of organization, which SNI lacked. Furthermore, SNI’s bylaws necessitated both JV members to be present at board meetings to achieve a quorum, thus enabling the non-8(a) member to block actions by simply not attending. This setup contradicted SBA regulations, which mandate that an 8(a) participant manage the JV.

Managing Board Structure to Comply with SBA and State Regulations

The takeaway: for a JV to qualify as a small business under SBA set-aside contracts, it must not only fulfill SBA JV regulations but also ensure strict adherence to the state laws where it is organized. This requires careful documentation of the JV’s management structure in its organizational documents. Failure to comply with state laws can render a JV ineligible for contract awards, despite meeting all SBA requirements. (Original blog referenced from: www.nasbp.org)

We specialize exclusively in surety bonds and bring decades of experience to each case. Contact us to learn more about our commitment to your bonding needs.

At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

Understanding Mortgage Broker Bonds in Michigan

Image of a model house with a set of keys.

In the complex world of real estate finance, maintaining integrity and trust is crucial. In Michigan, one of the key tools for ensuring these principles in the mortgage brokerage sector is the Mortgage Broker Bond. This type of surety bond plays a vital role in protecting consumers and ensuring that mortgage brokers adhere to state laws and regulations. Whether you’re a seasoned broker or new to the industry, understanding Mortgage Broker Bonds is essential for compliance and successful operation.

What are Mortgage Broker Bonds?

Mortgage Broker Bonds are a type of surety bond required by the state of Michigan for all individuals and companies that wish to operate as licensed mortgage brokers. These bonds function as a legal agreement involving three parties: the mortgage broker (the principal), the state (the obligee), and the surety bond company (the surety) that issues the bond.

The primary purpose of the bond is to provide financial protection to the state and consumers. If a mortgage broker fails to comply with the regulations set by the state or engages in unethical business practices, claims can be made against the bond to compensate for losses or damages incurred.

How Do Mortgage Broker Bonds Work?

When a mortgage broker purchases a bond, they are essentially promising to abide by the rules and laws pertaining to their profession. If the broker violates these regulations, a claim can be filed against the bond by the state or harmed parties. The surety company then investigates the claim, and if it finds the claim valid, it will pay compensation up to the bond amount. The broker is ultimately responsible for reimbursing the surety for any payouts made.

This process not only safeguards consumers from potential fraud and abuse but also encourages brokers to operate ethically and within the bounds of the law.

Applying for a Mortgage Broker Bond in Michigan

The process of obtaining a Mortgage Broker Bond in Michigan involves several steps, designed to ensure that brokers meet the state’s requirements for ethical and financial responsibility:

  • Licensing Requirements: First, applicants must determine the specific bond requirements for Michigan, which can vary based on the type of licensing they are seeking and the volume of transactions they handle.
  • Application Process: Brokers must apply for the bond through a licensed surety bond provider. This typically involves providing detailed information about their business and undergoing a credit check.
  • Assessment and Issuance: The surety evaluates the broker’s creditworthiness and industry experience to determine the risk of bonding. Based on this assessment, the surety decides the premium rate, which is a percentage of the bond’s total amount. Once the bond is approved and the premium is paid, the bond is issued to the broker.
  • Filing the Bond: After receiving the bond, the broker must file it with the Michigan Department of Licensing and Regulatory Affairs (LARA) or the relevant regulatory body as part of their mortgage broker license application or renewal.
  • Continuous Compliance: Once bonded, mortgage brokers must ensure continuous compliance with Michigan’s regulations, as any infractions could lead to claims against the bond, potentially jeopardizing their licensing status.

By fulfilling these requirements, mortgage brokers in Michigan not only comply with state laws but also build trust with their clients, showing that they are committed to operating with integrity and professionalism. A Mortgage Broker Bond is more than just a regulatory requirement; it’s a mark of reliability and a key foundation for building a reputable mortgage brokerage business in Michigan.

Let us assist you in securing your mortgage broker bond; contact Construction Bonding Specialists today!

At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

Tennessee Bankruptcy Court Decision: Impact on Surety Bonds

Image of a gavel and law books sitting on a desk in a courtroom.

A recent ruling by a Tennessee bankruptcy court highlights a critical issue for sureties issuing bonds. Despite clear indications that bonds are intended to be statutory, this court case demonstrates that such designations might not always hold.

Case Overview

In this case, the surety had issued payment bonds for two public works projects on behalf of a bankrupt principal. The bonds included a provision (Paragraph 13) that aimed to ensure compliance with statutory requirements by stating that any conflicting bond provisions would be replaced by statutory terms. The provision intended to treat the bonds as statutory rather than common law bonds.

Court’s Analysis

The court used a three-factor analysis to determine if the bonds were statutory or common law:

  1. Explicit Reference: The bonds did not specifically reference the applicable statute.
  2. Extended Rights: The bonds provided claimants with more rights than the statutory minimum, including covering equipment costs and exempting first-tier claimants from the ninety-day notice requirement.
  3. Notice and Time Limitations: The bonds extended the statutory limitation period for claimants from six months to one year.

Due to these factors, the court concluded that the bonds were common law bonds, which generally offer more generous terms and lenient barriers compared to statutory bonds.

Interpretation of Paragraph 13

The core of the dispute was whether Paragraph 13 acted as a “savings” clause to ensure compliance with statutory requirements or a “deletion” clause that eliminated any terms exceeding statutory provisions. The court found no controlling Tennessee law on this issue and looked to other jurisdictions for guidance.

The court ultimately adopted a Michigan court’s interpretation, viewing Paragraph 13 as a savings clause intended to ensure that bond terms meet the statutory minimum, rather than eliminate terms that provide greater rights.

Implications for Sureties

This decision serves as a warning to sureties that relying on provisions like Paragraph 13 to classify a bond as statutory may not be effective if the bond terms extend beyond statutory requirements. Sureties must be cautious, as even an expressed intent may not suffice to convert a common law bond into a statutory one if the bond provides more than the statutory minimum.

Sureties should review and possibly revise bond language to align with statutory requirements clearly and ensure that bond provisions are enforceable as intended. This case underscores the importance of precise drafting to avoid unexpected legal interpretations. (Original blog referenced from  NASBP.org)

As a dedicated surety bond-only agency with decades of bonding experience, we strive to find bond solutions for all types of cases, from standard to challenging.

At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

Significant Updates Implemented in Davis-Bacon and Associated Federal Wage Laws

Image of the United States capital building.

In a major regulatory update, the U.S. Department of Labor has revised the rules under the Davis-Bacon Act (DBA) for the first time in nearly four decades. These changes, impacting a suite of federal wage laws applicable to contractors on federal construction projects, aim to improve clarity, consistency, and enforcement effectiveness. The updated rules, which took effect in October 2023, extend minimum wage mandates to more contracts, modify wage determination methods, broaden enforcement options, and increase penalties for non-compliance. Despite these enhancements, the construction industry has pushed back through lawsuits, challenging the amendments’ legality and arguing that the Department of Labor overstepped its authority.

Historically, the DBA has mandated prevailing wage rates for construction workers on federal projects exceeding $2,000. The new regulations redefine key terms to broaden coverage, including for modern infrastructure like solar installations and electric car chargers. They also introduce provisions for the automatic inclusion of wage clauses in contracts, extend responsibilities to higher-tier subcontractors for wage violations, and permit withholding funds across a contractor’s unrelated projects as a penalty for non-compliance.

The rules also shift the methodology for setting prevailing wages, allowing more frequent updates and a return to pre-1983 calculation methods that consider a broader array of wage data. This includes potentially adopting state or local prevailing wages under certain conditions.

As of March 2024, the construction industry’s legal challenges against these rules are still pending, with decisions that could significantly affect the enforcement and scope of the Davis-Bacon Act and related legislation. This ongoing legal battle underscores the importance and potential impact of these regulatory changes.

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At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

Construction Bidding Season is Near; Are You Prepared?

Image of happy construction workers.

We are fast approaching the construction bidding season. Contact Construction Bonding Specialists, LLC – we are ready to guide you through pre-qualifying for your bond applications for municipalities, schools, and public works that will soon be opening.

Our specialty is helping you secure the construction bonds you need. We’ll decipher the paperwork and make recommendations to ensure you stand out!

Construction Bonding Specialists offers a variety of surety bonds, including:

  • Bid Bonds
  • Performance and Payment Bonds
  • License and Permit Bonds
  • Maintenance Bonds
  • and more!

Construction Bonding Specialists knows what is required to expedite the process. We have years of experience in the industry, giving us an advantage you can count on. Our professionals can assist you whether you need a simple bond or something more complex.

Visit our website to download the most common bond applications and forms. If you’re unsure how to get started or wish to discuss further, contact us today for prompt follow-up.

BONDS ARE ALL WE DO!

Contact us today to discover how we can assist you.

At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

A 2024 Outlook on the Construction Industry: 7 Emerging & Continuing Trends

Image of the road ahead for 2024.

Heading into 2024, construction professionals encounter familiar hurdles: recession worries, ongoing inflation, higher interest rates, labor shortages, and supply chain issues. Despite these challenges, there are strategies to navigate them successfully and position your company favorably. Here are seven key trends and solutions to consider.

Labor Shortages Remain

The construction sector faces a growing skilled labor shortage, which is expected to intensify in 2024. In 2023, the industry needed over half a million extra workers to meet labor demands, exacerbated by fewer young people entering trades and an aging workforce, with nearly a quarter over 55 years old. The industry must enhance its appeal and recruit more effectively to combat this. Strategies include partnering with trade schools and high schools, engaging with trade associations, offering on-the-job training, and retaining talent with incentives for career growth and a supportive work environment.

Increased Subcontractor Default

In the past year, subcontractors faced over $97 billion in extra costs, leading to cash flow issues and heightened risk of default, a problem compounded by labor shortages, rising interest rates, and recession fears. This has resulted in increased claims due to subcontractors not meeting their financial obligations.

To address this, contractors should thoroughly vet subcontractors, requiring surety bonds, seeking references, assessing experience, and discussing financial stability. Leveraging surety relationships for subcontractor assessments and ensuring favorable contractual terms, such as “paid-when-paid” clauses, can also help. Diversifying the subcontractor base reduces dependency on a few and minimizes risk.

Unpredictable Interest Rates

Rising interest rates have exacerbated cost inflation in the construction sector, with financing becoming more expensive and driving up the costs of materials and labor. This has affected project budgets, with over 82% of construction materials experiencing price increases averaging 19% since 2020.

To counteract these challenges, strategies include reducing exposure to interest rates, avoiding debt, managing cash flow wisely, and securing favorable contract terms. Paying for equipment and materials in cash, negotiating better terms with suppliers, adjusting retainage rates for improved cash flow, and seeking upfront payments for materials to minimize reliance on bank financing are effective approaches.

Lingering Inflation

The construction sector is facing significant cost increases in materials, labor, insurance, and administrative expenses, further stressed by the volatility and unpredictability of material prices. Despite a decrease from the 8% inflation rate in 2022, economic uncertainty remains in various construction markets.

To navigate these pressures on profit margins, it’s advisable to work closely with insurance brokers and agents to reassess coverage and secure the most advantageous insurance rates, using a clean claims history as leverage. Additionally, a detailed review of expenditures, especially administrative costs, and regular financial monitoring are essential for identifying opportunities to manage or reduce expenses more effectively.

Continued Pandemic Hangover

The construction industry still faces challenges from the COVID-19 pandemic, including delays in project starts and funding uncertainties, which have led to extended timelines and difficulties in backlog management. Supply chain disruptions and funding issues have impacted both private and public projects, with nearly 40% of contractors in 2022 reporting project postponements, and over a third experiencing cancellations or indefinite delays. In 2023, 13% noted postponements in the year’s first half.

To minimize these issues, it’s crucial to meticulously document project delays and management strategies to safeguard against liabilities such as liquidated damages. Documentation should cover delays outside contractors’ control, like late material deliveries, to prevent unfair penalties.

Before engaging in contracts, verify project financing in the private and commercial sectors, requesting proof of funds to lessen the risk of delays from financial issues. Work closely with suppliers to understand material lead times, identify potential shortages, and secure materials early, even at a higher cost, to prevent delays. Exploring alternative materials with project owners can also provide solutions to potential scarcities.

Increase Private Equity Firm Buyouts

The trend of private equity firms purchasing construction companies has risen significantly, with their involvement in the sector increasing from 16% in 2016 to 41.5% in 2021. While the influx of capital from these acquisitions can be positive, the long-term effects are uncertain, particularly regarding the sustainability of these firms without the original owner’s expertise. The future of these new portfolio companies—whether they will prosper, struggle financially, merge with other entities, or take different routes—is an ongoing concern with unpredictable outcomes. Furthermore, the temporary nature of many portfolio companies under private equity could lead to conflicts in financial management practices with creditors, surety companies, and banks.

It’s advisable to secure key personnel through contracts of a particular duration, ensuring the retention of essential expertise and knowledge for the company’s continuity and stability during transitions. It is also crucial to align the business strategies of the acquired construction company with partners like sureties and brokers to maintain smooth operations and relationships.

Repurposing Large Construction Projects

Thanks to the Infrastructure Investment and Jobs Act and rising construction demands, a diverse mix of projects is on the horizon, shifting focus from traditional retail and office spaces to warehouses, multifamily housing, and mixed-use developments, including transforming old retail locations into warehouses. Despite challenges from higher interest rates, the construction sector is poised for growth, with significant gains expected in certain areas.

In 2022, U.S. construction projects reached nearly $1.8 trillion in value, a figure projected to decline by 2025. Nonetheless, spending has been on an upward trend, driven by both residential and non-residential construction. The U.S. Infrastructure Bill, allocating federal funds to various projects, is set to boost demand for construction services, equipment, and materials.

For businesses looking to navigate these changes, starting with smaller projects can provide valuable experience in new construction areas. Partnering with specialized subcontractors ensures high-quality work in unfamiliar domains. Moreover, updating risk transfer methods to match new project types is essential, including securing adequate insurance coverage to mitigate specific risks.

Stay Flexible and Strategically Positioned for Success in 2024

Despite the uncertainties associated with the trends mentioned, construction firms that are prepared and flexible stand to benefit significantly. The U.S. dedication to improving national infrastructure and the expected increase in renovation and rehabilitation projects present substantial opportunities. Thus, through resilience and strategic planning, companies can navigate periods of uncertainty and excel amidst continuous challenges.

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At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

Reviewing Contracts in the Construction Sector

As we conclude the year, it’s crucial for those in the construction industry to conduct a thorough review of their contracts, especially for long-term projects. It’s advisable to revisit your contracts to confirm they accurately represent the current state of the project. Any discrepancies should be addressed and documented immediately, rather than waiting for issues to arise.

Key areas for review include the scope of work, ensuring it aligns with the actual construction being undertaken. This includes verifying details, from fixtures to significant additions like a new wing in a building. Changes discussed in meetings should be formally documented in line with the contract’s terms to avoid future disputes.

Pricing adjustments are also essential. For contractors working on a fixed price basis, it’s vital to include any additional scope in the pricing. Owners should adjust payments accordingly if project elements have been removed. For contracts based on actual costs, the end of the year is a good time to align charges with incurred expenses.

Another critical factor is the project schedule. Both owners and contractors should assess whether the project is on track and address any delays appropriately, including documenting reasons and determining responsibility for any schedule slippage.

Administrative aspects, such as updating the contact person for your company in the contract, should not be overlooked. Contractors should also ensure timely submission of any claims as per contractual deadlines to avoid disputes during litigation.

In summary, instead of considering the contract only at the start, end, or during disputes, it is beneficial for both owners and contractors to proactively review and update their contracts throughout the project’s lifecycle to ensure they reflect the ongoing work accurately.

Construction Bonding Specialists, LLC is a distinct surety bond-only agency with decades of bonding experience. We work to discover bond solutions for all types of bond cases, from standard to challenging. Contact us today to learn how we can help you!

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At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com

Construction Industry Tops Ransomware Risk, Says Encryption Software Study

Nordlocker, an encryption software firm, conducted research in 2021 and found that the construction industry faced the highest risk of ransomware attacks among 35 analyzed industries. This risk has increased since then, with Nordlocker reporting in 2023 that the construction sector experienced the most ransomware attacks from January 2022 to January 2023.

The construction industry’s growing reliance on digital technology, particularly computer-aided design (CAD), building information modeling (BIM), and cloud-based collaboration tools, has made it a vulnerable target for cyberattacks. Many organizations in this sector lack adequate cybersecurity plans and have poorly trained employees in identifying and responding to cyber threats.

Ransomware, a malicious attack where data is encrypted and a ransom is demanded for access restoration, poses a significant threat. Paying the ransom doesn’t guarantee data recovery, and the average cost of a ransomware breach is around $4.44 million, damaging a company’s reputation.

Fraudulent wire transfers, phishing scams using social engineering, and compromised emails are prevalent in the construction industry. Cybercriminals impersonate authoritative figures to manipulate financial transactions.

The construction sector is also at risk of intellectual property and data theft, which can lead to significant reputational damage. Protecting sensitive information, such as SSNs, credit card data, and proprietary designs and patents, is crucial to mitigating these cyber threats.

Six Essential Steps to Strengthen Your Construction Service’s Cybersecurity

Privileged Access Management:

Continuously monitor and assess access rights to safeguard your information.

Data Governance and Security:

Categorize data by sensitivity and prioritize the protection of critical data assets.

Regular Secure Backups:

Mitigate potential data and system loss in the event of cyberattacks.

Team Member Education:

Ensure your team is well-informed about industry-specific cyber risks and can recognize and report social engineering attempts.

Enforce Cybersecurity Standards in Contracts:

Reduce third-party risks by requiring external partners to adhere to robust cybersecurity practices.

Implement an Incident Response Plan:

Define immediate actions and strategies to minimize potential losses in the event of a cyberattack.

Boost your cybersecurity defenses today; we’re here to help address your inquiries.  

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At Construction Bonding Specialists, we work with new and experienced contractors to find the most satisfactory bond solutions. As a dedicated surety-bond-only agency with decades of bonding experience, we strive to discover surety solutions for all types of cases, ranging from routine to challenging. Contact us online or call us at 248-349-6227 to learn more.

Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com