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Surety Bonds in Kansas

If you are one of the many people across Kansas who is required to get a surety bond, you have reached the right place. This quick guide covers everything you need to know about surety bonds in Kansas.

How Does a Surety Bond in Kansas Work?

A surety bond holds one party financially liable for misconduct they commit against another party. The victim may file a claim against the bond seeking compensation equal to damages. The surety agency that backs the bond guarantees a settlement for all valid claims, but the bonded party who caused the claim must pay the surety back the settlement amount, plus interest and fees. Essentially, surety bonds are a form of enforced accountability.

Types of Surety Bonds in Kansas

The most common surety bond types fall into four categories:

• Commercial – Surety bonds required to run a business legally. Usually, someone needs a bond to obtain a business or professional license.
• Contract – Surety bonds required under contract. These types of requirements are common in the construction and contracting industry.
• Court – Surety bonds required by a judge. Often used in civil trials, someone must prove they have a court bond before the trial proceeds.
• Fidelity – Surety bonds that a business gets voluntarily to build trust with customers. Fidelity bonds protect business owners and customers from employee misconduct.

Who Needs a Surety Bond in Kansas?

Surety bonds requirements apply to many people across Kansas. Some people will need a surety bond just once for a short period of time. Other people, especially professionals, need to keep bonds their entire working lives. Surety bond requirements can appear expectedly and unexpectedly, which is why everyone should know a good surety agency to work with. Contact Viking Bond Service for all the information and assistance you need to get a surety bond in KS.

How to Get a Surety Bond in Kansas

Requirements vary depending on the bond type, but almost all involve the following steps:

• Complete a surety bond application
• Submit to a credit check
• Provide a copy of the bond requirements
• Give the surety any other info or documents it requests

Underwriters (risk evaluators) will look over this information and then quote a customized bond price for each person. Pay that price to activate the bond, then the surety will provide proof the Kansas bond requirements have been met.

The Surety Bond Cost in Kansas

The cost of a surety bond will be a small percentage of the total bond size. So if someone must obtain a $10,000 bond, the actual cost will likely be less than $1,000. How much, exactly, depends on credit standing. Someone with a low credit score or spotty financial record will pay more and may even be denied by some surety agencies. Take advantage of the bad credit surety bond program at Viking Bond Service to have the best chance of getting approved and still paying a fair rate.

Do You Need to Renew a Surety Bond in Kansas?

Bonds remain active for a set term – usually a year, but longer is possible – and some require renewal afterward. For instance, anyone who needs a surety bond to get a professional license must keep that bond active or the license becomes invalid. Renewal involves a reevaluation of credit standing, followed by a new quote for the bond price. Steady improvement to credit leads to lower bond prices at each renewal.

Rely on Viking Bond Service For Everything

Viking Bond Service serves people in every part of Kansas, and we issue almost every kind of surety bond. Our application process makes getting a bond very simple, and our team is here to help you at any point along the way. Request a quote for whatever kind of Kansas surety bond you need. Contact us online or over the phone at 1-888-2-SURETY (1-888-278-7389).