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Surety bonds in Massachusetts

Surety bond - Massachusetts state capital building Boston, MA

Securing a surety bond in Massachusetts can be a huge source of stress, but with Viking Bond Service the process is quick and easy! Viking Bond Service has been helping Massachusetts’s business owners secure surety bonds in the State for many years. As one of the premier surety bond businesses in the US we can help you find the bond you need to help your business stay legal and keep growing. Use our simple quote form to get a quote today.

How to get a surety bond in Massachusetts

The bonding process can often feel overwhelming, but it doesn’t have to be. Viking Bond Service has developed an easy application process to help you secure a bond when you need it. All surety bonds require a completed application form and full payment of the premium before the bond can be supplied. For commercial bonds the application form can be completed online. If you need a contract bond the application is a little more in depth, but don’t worry our agents will help you complete the process over the phone. In addition to the bond application form, a credit check is completed and you’ll also need to submit any necessary supporting documentation. The documents needed can vary by bond type and may include financial records.

The cost of surety bonds in Massachusetts

There are three main areas that will determine the cost of your surety bond in Massachusetts; these are the bond amount, the bond type, and your credit score. The additional documentation submitted with your application is used to help the surety underwriter gain a clear picture of both your personal and business financial situation. A surety bond works like a line of credit in that the surety agrees to pay claims made against the bond up to the bond amount. The surety needs to determine how likely it is that you’ll be unable to repay them for any money paid out for claims against your bond and how likely a claim is. People with strong credit scores will pay lower premiums as they are seen as a lower risk. People with poor credit can still obtain bonds with the help of an experienced bonding company but they should expect to pay a higher premium.

Common surety bonds in Massachusetts

There are many types of common surety bonds in Massachusetts. The team at Viking Bond Service can help you secure both contract and commercial bonds in the State:

Commercial bonds, commonly known as license and permit bonds, are often needed to secure a business license. There are many types of commercial surety bond in MA, some of the most well known are auto dealer bonds, sales tax bonds, and mortgage broker bonds.

Contract surety bonds in Massachusetts are frequently used in the construction industry. They provide a form of financial insurance for businesses or individuals purchasing goods or services as they offer financial compensation if the terms of a contract aren’t met. Common contract bonds include bid bonds, payment bonds, and performance bonds.

Surety Bonds in MA by Viking Bond Service

The team at Viking Bond Service is here to help with all of your surety bond needs in Massachusetts. We offer expert advice and can help guide you to the right bond for you business. Call our team today or request a quote using our online application form.

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More About Surety Bonds:
Typical Performance Bond Cost, Rates, Premium

Performance Bond cost can vary based on several variables. Each application has unique aspects that affect the cost. Read about how the cost is figured.

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Get your FMCSA Freight Broker Bond here.

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