Businesses are often required to purchase surety bonds to operate. Surety bonds are generally issued by surety companies. However, it’s common to apply for a surety bond through a broker or surety bonding agency.
Surety bonding companies must be licensed and regulated by their state to issue a surety bond within that state. Bonding companies and brokers are also regulated by the state to ensure they adhere to all surety bond regulations.
The surety bond issuing process
The process of acquiring a surety bond is relatively simple if you choose an experienced bonding company. To issue a bond the surety agency will need a completed application, supporting documentation, and the premium payment upon approval. Surety bond premiums / fees are paid in advance to provide coverage for a period of time, generally one year. The cost of the bond will be calculated based on the bond amount, your credit history, and the businesses financial history. People with a good credit history will often pay a lower premium to have their bond issued.
Applying for a surety bond
It’s important to choose an experienced bonding company to ensure that your application process is quick and easy. Using a bonding company can help you find the bond you need at an affordable price. Viking Bond Service can help your business acquire a surety bond quickly. Our knowledgeable staff is experienced at providing many types of businesses with bonds of all types. Whether your credit is good or bad, we can secure a surety bond to help your business move forward. Call or email our team today to discuss your surety bond needs. You can also use our online application form to apply today. We generally approve all quote requests within 24 hours and work hard to get your surety bond issued quickly!