A bond is a form of insurance that protects your business against potential losses caused by internal fraud, theft, or incompetence. If mistakes are made by your employees that result in losses for your client, restitution for damages is paid by your insurance company. Some businesses are required by law to purchase bonding insurance, and others do so to increase their business’ credibility.
Find out more about the various types of bonds available at the link below!
Source: Canada Business Network
Last revision on November 28, 2012