Surety bonds can often feel more like an annoyance than something that can help your business, but there may be benefits to bonds that you haven’t thought about! In fact, surety bonds actually have a much bigger impact than the reach of a single bond.
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As an immigration consultant you play an important role in helping people make their dreams of moving to the US come true. You offer the support and understanding potential immigrants need to complete all of the necessary paperwork and submit their application. You help make the process easier by translating forms and gathering supporting documentation. You provide an invaluable service. Unfortunately some unscrupulous people who act as immigration consultants take advantage of this position of power over vulnerable people, that’s one of the main reasons why all immigration consultants are required to obtain an immigration consultant bond.
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Cosmetology school bonds are required in many states if a person or business wants to operate a school that offers training in the cosmetology field. A bond must be acquired and kept active for as long as the school is in operation. You might be wondering why cosmetology school bonds are necessary. They’re actually designed to financially protect the students that attend these schools. Having these bonds in place ensures that a student either receives the tuition they paid for or financial compensation should the school fail to provide the agreed upon education. Let’s take a look at some of the key facts about cosmetology bonds:
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In you’re a supplier or contractor in the construction industry you’re probably already aware of supply bonds. Whether you’ve heard of or been named on a one before it’s always a good idea to make sure you fully understand what being part of a supply bond means for your business. Let’s take a look at the basics:
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One of the most commonly asked questions about surety bonds is in regards to the payment terms, after all, expenses and cash flow are hugely important to a business! The first step in understanding how surety bonds are paid is to look at the application process as a whole. To apply for a surety bond you’ll submit a surety bond application with information about your personal and business finances. This information is used to calculate your bond premium. In general, bond premiums range from 1% to 5% of the bond amount for people with good credit and 5% to 15% for those with poor credit.
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Commercial bonds are surety bonds that cover a wide range of industries. Businesses are often required to maintain an active commercial bond by state legislation.
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Surety bonds are an integral part of many businesses, that’s why it’s important to choose a bond company that you can rely on. Viking Bond provides businesses with an easy, affordable, and reliable surety bond service. In addition to our impeccable customer service here are seven reasons to choose Viking Bond:
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At Viking Bond Service one of the questions we’re most commonly asked is, “do surety bonds expire?” The simple answer is yes, but most types of bonds need to be renewed to run for another term (the coverage period of a bond). Bonds generally run year to year.
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Surety bonds are used to manage the contract risk for construction projects, satisfy licensing requirements, and other applications. But what does that mean for your business? Learning the basics about surety bonds can help you understand why a surety bond would be required and how they work.
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