How To Choose A Provider For Your Next Surety Bond

Find the right Surety Broker

Have you recently been notified that you’ll need to acquire a surety bond? This is something that many Canadians will encounter and it can feel like a daunting objective to achieve. The truth of the matter is that the process can be simplified easily, if you’re able to find a worthwhile surety provider. Of course, this process is easier said than done. In fact, it is complicated substantially, by the sheer number of providers within Canada. Below, you’ll find a breakdown of the most notable characteristics to look for, when trying to choose a surety company or you can refer to Wikipedia to get a brief.

Surety Experience

When scouring Canada’s surety market, you will find that there are numerous providers. However, some of these groups will offer insurance and surety. Although this can be convenient for those that require both, it is generally best to look elsewhere. This is the case, because these groups often put more emphasis into their insurance products and focus very little on surety. With a surety provider, who completely dedicates him or herself to sureties, you can rest assured knowing they’ll be thoroughly knowledgeable in the field.

This will give them the ability to serve you better than the alternatives.

surety company experience

Business Longevity

One thing that should help you determine if Surety Company is a suitable option for you is the length of time that the company has been in the surety industry. This factual data will definitely tell you something about the way the company conducts business, fulfills contracts, and addresses issues that may occur between the principal and obligee.

While, the company’s time in business does not only reflect their ability to provide outstanding service, it does help. Of course, you should not always rule out a surety startup business, because it may still be a suitable candidate.  

Excellent Customer Service

Dealing with surety bonds can be confusing. The surety company that you choose should be willing to work with you and answer any questions that you have in a timely manner. Remember that it never hurts to test a surety company. For instance, you can ask them a question when you already know the answer just to see how they respond. This will automatically let you know if the company is trustworthy or not.

customer service from brokerage

Knowing Your Bonds

Some surety companies only have experience dealing with certain types of bonds. When choosing a surety bond company, it is imperative that you make sure that the company has experience with the type of bond that you are looking for. This will ensure that you save yourself a little bit of time and hassle. The provider should also be familiar with your company’s industry and line of work.

Contact

Eventually, you’ll need to make contact with the potential issuer. During this conversation, you can learn a substantial amount about this group or individual. First and foremost, you’ll want to ask them for references. If they’re unwilling to provide you with a reference or two, you should take notice and go elsewhere! At the same time, you should make sure that you feel comfortable with this individual. Have they put your mind at ease? If so, you’re well on your way!

This entry was posted in Default. Bookmark the permalink.