If you are a contractor in the Maritime provinces, you may need to consider a surety bond to protect yourself and your business.
Bonding is different from taking out an insurance policy. A bond serves as a guarantee that work will be completed, rather than providing financial compensation after loss or damage occurs.
Some of the most common forms of bonding today include:
License or permit bonding for plumbers, carpenters, and electricians – guaranteeing all the right building permits, including special licensing will be obtained and that all work will be done according to local building codes and laws.
Public officials bonding for a Justice of the Peace
Court Bonding to cover a wide range of legal issues.
Business services bonds are particularly important for services that enter people’s homes or places of business guaranteeing no theft or damage will occur.
Customs bonding covers goods from another country and guarantees that all taxes, fees, and duties will be paid.
Excise bonding concerns importing goods into Canada and guarantees taxes will be paid in accordance with the Excise Tax Act.
Speak to one of our trusted business insurance advisors for recommendations on the right coverage to suit your needs by calling, clicking, or visiting our office.
