Protect your customers and differentiate your business from the competition by choosing surety bond insurance with Insurance Hero. Surety insurance covers the obligee from any losses resulting from the failure of the principal to meet their obligations. There are several types of surety bonding, including contract surety bonds, commercial surety bonds, bid bonds, licensing bonds, fidelity bonds and payment bonds.
Some of the industries that can benefit from surety insurance include:
- Transportation, Trucking and Logistics
- Service Contractors
- General and Specialty Contractors
- Suppliers and Manufacturers
What is Surety Bonding?
Surety bonding is a promise to pay one party (the obligee) a certain amount of money if a second party (the principal) fails to meet their obligations. This can mean failure to fulfill terms of a contract, failure to complete a construction project, and can even cover instances of employee theft.
Why Should I Choose Bonding Insurance?
Many businesses in Ontario opt for surety bond insurance to guarantee that their employees will perform the duties they have been hired to perform. Surety bonding is an essential tool that can increase your customers’ trust in your business and build your reputation in your industry.
Your business may also be required to post a bind as part of your licensing requirements. These type of surety bonds typically guarantee that the principal will comply with any codes or regulations established by the obligee, who is usually a government body such as a city, town, or municipality.
If you’re searching for the right type of surety bonding in Ontario, call Insurance Hero at 1-855-777-4376 or request a quote online.