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BONDED

We Get You Bonded
Surety Bond Seal
Attorney-In-Fact

What type of Surety Bond are you looking for?

Commercial Bonds

Reliable Canadian Surety Companies

Why Choose Us for Bonding?

Many bonding companies will decline anybody that doesn’t fit within their limited underwriting parameters. We work with you to find ways to get you approved.

We use Canada’s top rated surety providers to ensure your bond is backed with adequate finances.

Although many bonds still require original copies in hand, we eliminate paper where we can and provide digital versions of bonds and surety riders.

Although we are able to utilize multi-national surety companies for our bond guarantees, our roots remain in Canada.

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BOND BOT
Bond Bot Express

We utilize A.I. and modern technologies to eliminate as much paper work as possible. Some Obligees still require paper copies of bonds; however, we have sufficient infrastructure to support block-chain and other electronic versions of bonds when they’re ready to be accepted.

Learn more about Bonding & Surety Bonds

You’ll often see businesses advertise that they are “Bonded”, but what does this really mean? When it comes down to it, there are a few different definitions and ways a company can be considered “Bonded”.

The most common type of bond a business has is usually some sort of a License Bond (also referred to as a Commercial Bond). These bonds typically have smaller values attached to them in the range of $5,000 – $50,000. However, Contract Bonds (which include Bid Bonds, Performance Bonds, etc.) are the type of bonds that enable a company to perform bonded works or bid on tenders requiring bonding.

Contract Bonds are facilitated by what we call a Bond Facility which we delve into next.

A Bond Facility is an annual program that enables you to provide the bonds that your business needs. Think of it like a gym membership – only, instead of having access to a gym, you have the opportunity to provide the required bonds when they’re needed. Once a Bond Facility is set-up, it is fairly inexpensive to maintain; however, setting one up does require a significant amount of information with a similar process to establishing a banking relationship.

As a Surety Bond Broker, we shop your business’ financial position to various Surety Companies to ensure you’re able to provide bonds for the projects and contracts you need them for at the best rates available.

The best way to get started is to apply today! There is a checklist of documentation we’ll need to get started to get your business a Contract Bond Facility. Surety Companies may request slightly different information based on their particular Underwriting philosophies, but in general we’ll require the following:

  • Your Company’s Financial Statements: this includes Balance Sheet, Income Statement, Accounts Receivable, Accounts Payable, and Work On Hand Statement (Review Engagement Statements are preferred, but occassionally in-house can be accepted).
  • Personal Financial Statements for each Shareholder: acquiring bonding for your business often includes a personal guarantee / indemnity.
  • Contractors’ Questionnaire: we want to understand your business – it may be requested that you complete a brief summary document outlining your companies history and more details of ownership structure, etc.

The annual cost of a Bond Facility will vary depending on what we call the “Three C’s” of Surety – these are:

  • Character: this includes the experience of key personnel within your business and history of completed contracts.
  • Capacity: this references the size of projects that your company would be able to complete (enough employees, etc.).
  • Capital: an evaluation of the funds available to bridge payments during a contract duration including operating lines, liquidity of assets, and more.

 

These factors will all play a role in not only the cost of your Bond Facility, but the limits of bond values you are able to provide. Essentially, the stronger you and your business are financially and historically in your field, the better. A good estimate for the annual cost of the ability to provide bonds is about $1,500. Final Bonds such as Performance or L&M bonds are an additional cost depending on contract size and the rate determined from your business application.

Once you’ve setup your company’s Bond Facility, you’re able to offer many types of bonds for contracts when required. These bonds include:

What Our Clients Say

CE Plumbing & Heating
CE Plumbing & Heating
Business Insurance Package
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I thought getting business insurance online would be a lot more difficult than it actually was. Netsurance made it very easy and user friendly to get it all done online. Had a great experience!
Marie L.
Marie L.
Event Insurance
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BayRoot Landscaping
BayRoot Landscaping
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Hamid M.
Hamid M.
Renters Insurance
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MGA Detailing
MGA Detailing
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Purchased business insurance through the online application process. Would recommend to anybody starting their own business that needs a simple solution for the companies insurance requirements.
Kasra I.
Kasra I.
Event Insurance
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Got our event insurance for a birthday party through their custom venue platform online. Cheapest price and could even do it off my phone.