If you’re planning to apply for a state license to operate your business you may be surprised to find out that you need a surety bond! In many cases these commercial bonds are required as part of the business license application process. We’ve picked out five of the less well-known bond types below:
The requirements for alcohol licensing vary by state but it is common for an alcohol surety bond to be a requirement of license approval. Businesses that may need a liquor bond include wineries, breweries, retailers, and transportation firms. Check your state’s regulations to see if your business needs an alcohol license.
Pest controllers may be required to purchase a pest control bond before they are issued their license. These bonds are required as a form of protection for the pest controller’s customers. The bond provides a source of financial recompense should the pest controller cause damage by failing to adhere to applicable laws.
State regulations require private schools to maintain a private school surety bond while they are in operation. The bond is there to provide financial reimbursement of tuition fees should the school fail to provide the agreed upon education. The bond amount is determined by location, tuition amount, and school size. Your state will calculate the required bond amount.
Waste haulers may need a security bond as part of the licensing process. Types of waste hauler bond vary by state and can include specific bond types such as waste grease hauler bond and used tire hauler bond among others. The bond provides an added incentive for haulers to abide by the state waste rules. Bonds also offer a way for the public to claim against the hauler should they cause damage to property.
Just like private schools, cosmetology schools in some states must maintain a cosmetology school surety bond to operate. The minimum bond amount is generally $10,000. The actual bond amount can vary by state. Your state may use the cosmetology school size and tuition amount charged to calculate the required bond amount.
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