Contract Surety

Technology Fills Construction Skills Gap

08/13/2019

Contractors and construction companies have decried the lack of skilled workers available to them, even as the United States goes through a construction boom. If there are fewer skilled workers than ever before with more students going to college instead of trade school, how can contractors and construction companies fill the void? Technology.

Existing skilled workers are rising in age, with younger workers not having the skills to replace them, but technology is filling the gap. Project management software, document software, building information modeling, robotics, drones, and automation are all combining to replicate the skills younger workers do not possess on construction sites. Without these, it would be more costly and time consuming for contractors to be able to complete projects in a satisfactory manner.

This technology allows contractors to keep costs down and be more efficient than they had otherwise been able. This helps provide more clarity as to whether a contractor will be able to follow through on their bids and perform satisfactorily for the price quoted.

So where can you purchase bid and payment/performance bonds for a project?

Colonial offers the direct and digital way to obtain bid and payment/performance bonds as well as any other surety bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print your bond from your office. It’s that simple!

Colonial gives you an easier way to manage your bid and payment/performance bonds online. Having your single and aggregate limits in writing allows you to update your work on hand and adjust your bonding capacity in real time.