Are you currently responsible for acquiring a surety bond or two for an upcoming project? You’re not alone. The mass majority of service providers in the country of Canada will face this type of situation at some point or another. While the application process might seem like a majority complexity, it is actually fairly simply. In fact, once you’ve obtained your first bond, you will see that applying for surety is quick and easy. This is especially true, when working with a Surety provider. Before you jump ahead, you should analyze the information below and learn about the numerous ways to apply for your next surety bond.
First Things First
Before moving too far forward, it is essential to make sure you’re actually prepared to obtain the necessary bond or bonds. You should first take the time to figure out precisely what is needed. What bond do you need at this specific point in time? Are you required to obtain a bid bond, performance bond, or a license bond? How much do you need? These are all questions that need to be answered before you move forward. At the same time, you should prepare your documentation. Remember all of the requirements and paperwork that may be needed.
By obtaining this information in advance, you will be able to save yourself a return trip to the surety provider’s website or office. In some situations, this may be able to help you avoid missing your deadline. If you’re unsure what is needed, you should contact our offices and speak with a surety expert. They’ll be able to provide you with the answers that are needed.
Pick Up The Phone
A lot of business owners do not like the idea of submitting their private information over the Internet. This is entirely understandable. A lot of businesses have been put through substantial turmoil, due to similar problems. Don’t worry. Construction bond is here to help. If you prefer to speak to a surety expert directly, but do not want to leave home, you can simply place a call to the surety company’s offices. You’ll be put in direct contact with a surety expert and this individual will be able to answer all of your questions, while guiding you in the right direction.
Whether you have a question or are ready to begin the application process, you can always rely on this method.
Many consumers prefer to conduct business inside a financial establishment, instead of online or on the phone. If you are one of these people, it is highly recommended for you to make an appointment with one of our agents. If a face-to-face meeting gives you peace of mind and comfort, we want to provide you with service. Many analysts believe that face-to-face communication is more effective that electronic messages. It also gives consumers and business personal an opportunity to get to know each other on a different level.
These meetings also allow all parties to socialize and interact with each other, while setting a foundation for trust. We strive to provide our customers with the necessities to ensure a positive experience and if that means a face-to-face meeting needs to be planned in advance that is exactly what we will do.
Many contractors have a full schedule, leaving them little time to conduct personal business. This is why we offer our customers a variety of communication options, with one of them being email. Email is often utilized, because it offers a wide range of benefits, including expedient response, geographic barrier reduction and efficiency. We will respond to customer inquiries in an expedient manner, so if you feel comfortable communicating via email, be sure to take advantage of our email service.
Determining The Time You Have To Obtain The Bond
All too often Canadian contractors wait a week before their bond is due to begin looking for a surety company to issue them a bond. This can be a grave mistake, because surety companies perform in depth research on every applicant and their company, before they even issue you a bond. This can be a long and rigorous process, which could take a lot of time, so you may end up missing out on the admission period. Also, waiting till the last minute does not give you enough time to shop around and find the best rates. You may end up just choosing the first surety company that you come across, which may result in higher premiums and regrets.
Getting Online Quotes For Free
Companies like Constructionbond and other surety companies are now offering online quotes. This allows contractors from other geographic areas to enter their information online and get a 100% free quote, without even stepping a foot into a surety office. This is a quick and convenient way to obtain several different quotes from companies in just a matter of hours. However, before you even begin looking for quotes you are going to need to compile some personal and business information together. Some of the information that may be required on the application is the exact name of the business, amount of the bond and personal and business financial quotas.
However, you need to keep in mind that just because you get a quote from a surety company, does not necessarily mean that you have been approved for the bond. If you like the quote and decide to go with a certain company, there will be more in depth information will be required. The surety will also perform a thorough background check on you and your company. Before everything is all said and done, you will also be required to sign an indemnity agreement. This agreement basically protects the surety company. It ensures that you, as the owner of the company will reimburse the surety company, in the event of surety claim payout.
And of course, once you’ve finally completed these steps, the surety company will approve your application and send the bond in your direction. In most cases, the bond will be delivered through the mail and it will generally arrive in a matter of days.