Commercial Bonds Insurance
Protect your business against potential losses resulting from employee dishonestly, theft or other risks.
Securing commitments, supporting growth
Commercial bonds, often referred to as business bonds, are a type of insurance or financial instrument that serves as a guarantee of performance or payment between parties involved in a business transaction. Unlike traditional insurance that protects against unforeseen events, bonds are a form of risk management that primarily address contractual obligations and compliance.
We understand that time is of the essence
Speed can be a critical element when acquiring a commercial bond—especially for businesses that rely on them to operate, bid on projects, or meet regulatory requirements. Delays in securing a bond can mean lost opportunities, stalled projects, or non-compliance with legal obligations. For time-sensitive industries like construction, logistics, or trades, fast access to bonding isn’t just a convenience—it’s a competitive advantage and we get it. Our team is here to help with timely issuance ensuring your business can move forward without interruption, maintain credibility with clients, and stay ahead in fast-paced environments.
Types of Bonds
There are a number of different commercial bonds which can provide assurance to clients, customers, and government entities that businesses will fulfill their commitments and obligations in a responsible and reliable manner.
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Performance Bonds
Performance bonds ensure that a contractor or service provider meets the terms of a contract. If the contractor fails to perform as agreed, the bond compensates the obligee (the party that hired the contractor) for financial losses incurred due to the contractor’s non-performance.
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Payment Bonds
Payment bonds guarantee that subcontractors, laborers, and suppliers are paid for their work or materials by the contractor. If the contractor defaults on payment, the bond covers the outstanding payments to the beneficiaries.
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Bid Bonds
Bid bonds are submitted by contractors during the bidding process for a construction project. They demonstrate the contractor’s commitment and financial capability to undertake the project if awarded. If the contractor withdraws or fails to honor the bid, the bond compensates the project owner.
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License & Permit Bonds
These bonds are required by government agencies to ensure compliance with regulations and laws associated with specific business activities, licenses, or permits. They guarantee that the business will adhere to applicable laws and regulations.
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Fidelity Bonds
Fidelity bonds protect businesses from employee dishonesty, such as theft, fraud, or embezzlement. They provide coverage for losses resulting from these actions by employees.
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Court Bonds
Court bonds are required in legal proceedings to secure the interests of parties involved. They include appeal bonds, probate bonds, and guardianship bonds, among others.
Has your business experienced a loss?
We are here to assist you through your claim and make the process as seamless as possible.
Does this sound familiar?
Insurance often comes with more questions than answers. If you’ve experienced any of the following, then Rempel Insurance is here to help!
You don’t know if you have enough coverage
Our goal is to fully understand your business insurance needs, which means discovering potential vulnerabilities to ensure you have the adequate coverage needed, offering you peace of mind that your business is fully protected.
You find yourself asking more questions than your broker does
We don’t offer out-of-the-box solutions and pricing that can be generated from a few standardized questions. We build relationships with our clients and do deep dives into their unique insurance needs, and offer customized solutions.
You don’t actually understand what your policy all covers
We go through all policies in depth with our clients to ensure they fully understand what they are paying for and how it will impact their business. The strong relationships we build with our clients means we are always available and happy to answer any questions they have on their policies and coverage.
Common questions
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Why do businesses need commercial bonds?
Businesses often need commercial bonds to provide assurance to clients, government agencies, or other entities that they will fulfill their contractual obligations. Commercial bonds help establish credibility, demonstrate financial responsibility, and comply with legal or regulatory requirements.
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What type of bond do I need for my business or project?
Business owners often aren’t sure whether they need a surety bond, performance bond, commercial bond, or another type. This depends on the industry, contract requirements, and local or federal regulations.
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How long does it take to get a bond issued?
Speed is a common concern, especially when bonds are needed to start a job or secure a license. Business owners want to know how fast they can get approved and issued, particularly if they’ve never been through the process before.
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What information and financials do I need to provide?
Many business owners are unsure what documentation is required—whether it’s personal credit, business financials, work history, or contract details—and how their financial standing impacts approval or rates.
Ready to get covered?
At Rempel Insurance Brokers Ltd, we have partnered with Canada’s leading bond providers to offer our clients a wide variety of bond options.
Value Added Services
We go beyond insurance by offering value-added services that truly support the way our clients run their businesses. From proactive risk management advice to industry-specific insights and strategic planning support, we strive to bring a level of understanding and partnership that’s hard to find elsewhere. Our goal is simple: to be so valuable, informed, and invested in your success that you can’t imagine operating your business without us by your side.
We are here to help
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Claims
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Questions
Have questions about your policy? Get in touch with us to review your coverage options.
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Immediate help
Our team is available 24/7 for emergency claim services.
(204) 746-2320