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.
The many types of commercial surety bonds
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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Why to choose Viking Bond for your surety bond needs?
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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Surety Bonds 101 [Infographic]
How long do surety bonds last?
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.
Things Every Business Needs To Know About Surety Bonds
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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California auto dealer bonds—what do they mean for your auto dealership?
If you’re an auto dealer in California you probably have some questions about auto dealer bonds! Viking Bond Service is here to help. Let’s start with some quick facts:
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Who issues surety bonds?
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.
5 Licenses that you didn’t know required a surety bond
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:
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How Used Car Dealer Bonds will Change in 2017
If you’re a used car dealer in New York State your surety bonding requirements are about to change! Thanks to the New York Assembly Bill 8166 the state is about to bring in key changes that used car dealers need to be aware of. Although the bill passed in 2016, its influence will only begin on March 28, 2017, when the bill comes into effect.
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