Ontario Bonding and Surety Insurance

Reduce bidding stress with help from our surety bond insurance brokers in Ontario

Protecting your customers is essential. With our surety insurance, Ontario businesses and their customers can know they are protected from uncontrollable situations. Work with Acera Insurance to put in place the right level of financial protection for your business before you sign your next contract.

When it comes to bonding insurance, Ontario companies will see significant benefit from putting this type of insurance product in place. When used in the construction industry, where it is most commonly placed before a contract is signed, surety bonds guarantee contractual obligations. This means that, should the contractor fail to meet the specific details of the contract as agreed upon by all parties, the bond issuer, or surety, will step in to financially compensate for the negligence or ensure the job is improved upon as required.

Contract surety in Ontario: Guarantee your projects

With contract surety insurance a three-way agreement is put into place. This agreement is made between the surety (or the bonding company), an oblige (who is the owner) and the principal (the contractor on the project). Most commonly used in construction projects, this type of surety bond is one of the best tools for protecting all parties involved whenever a contract is being signed for specific types of work to be completed. Acera Insurance brokers can provide our customers with following types of surety bonds:

• Bid Bonds – A bid bond confirms that a contractor is properly qualified to bid on a project and demonstrates their commitment to honoring the terms of their tender.
• Performance Bonds – This bond provides assurance that the contractor will fulfill their contractual obligations to the project owner.
• Labour & Material Bonds – By ensuring contractors and suppliers are paid, this bond protects owners from potential lien claims connected to the project.
• Maintenance Bonds – Covering a defined period (usually one to two years), this bond guarantees the contractor’s work against defects, poor workmanship, or design issues.

Commercial surety in Ontario: Ensure compliance

Commercial surety bonds are a very cost effective way of ensuring compliance with government laws and regulations. Acera Insurance brokers can arrange on your behalf the following types of commercial surety:

• Permit & License Bonds – Designed for businesses and contractors that need specific licenses to operate, these bonds demonstrate compliance with regulatory requirements.
• Customs Bonds – These bonds ensure that all duties and taxes owed to the government are properly paid, helping businesses meet their legal obligations.
• Fiduciary Bonds – Often required in court, judicial, or probate matters, these bonds provide financial protection by covering potential losses during legal proceedings.

Why trust Acera Insurance to secure your Ontario surety insurance?

A number of specific types of surety bonds exist. Acera Insurance offers our customers bid bonds, performance bonds, labour and material bonds, as well as maintenance bonds. For surety bond insurance Ontario residents can select the right type of coverage for any specific need.

Allow our professionals to work closely with you to ensure the right type of Ontario surety bond insurance is in place before your next contract or bid. Your customers and clients expect this type of coverage. We can help provide a free quote on surety bond insurance to help you meet their needs.