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Surety bonds in Minnesota

Surety bonds in Minnesota

Viking Bond Service is here to help with all of your Minnesota surety bond needs. We work with all types of surety bonds including both contract and commercial bonds and can help your business get the bond it needs to stay compliant with all state and federal regulations. Viking Bond Service is one of the leading suppliers of surety bonds in MN and the US. We have many years of experience helping businesses get the bond they need when they need it. Call, email, or use our online application form to talk to our team of experts today.

How to get a surety bond in Minnesota

Getting the right surety bond in Minnesota is easy when you use an experienced bonding company like Viking Bond Service. The application process varies depending on the type of bond required. For commercial bonds, which are simple to underwrite, you’ll complete the application by filling in our online application form and submitting any required documentation. Contract bonds have a slightly more detailed application; our bond experts will help you through the process over the phone. All applications require a credit check and may also require the applicant to submit information about their business experience and financial history. This information is used to calculate an accurate bond price.

The cost of surety bonds in Minnesota

The cost of surety bonds in MN is determined by a number of factors including bond type, bond amount, and the applicant’s business experience, credit and financial standing. The supporting information submitted with your bond application is used to determine the bond cost. The bond premium is based on the risk level your bond poses to the surety underwriting the bond. Put simply, the bond underwriter will use all of the information in your application to calculate the chance that your bond will be claimed against. People with a good business history, strong business financials, and a high credit score will pay the lowest bond premium as their bond poses the least risk to the surety. If you have a poor credit score or limited business experience Viking Bond Service can still help you find an affordable bond.

Common surety bonds in Minnesota

There are two main types of surety bonds in Minnesota, which are commercial and contract bonds. The Viking Bond Service experts have a long history of securing both types of surety bonds for businesses in Minnesota.

There are a huge variety of commercial bonds available in Minnesota, two types commonly found in the state include collection agency bonds and auto dealer bonds. These bonds are also known as license and permit bonds as they are required to operate certain businesses in the state.

Contract bonds are commonly used in the construction industry. They provide a form of guarantee that the terms of a contract will be met as they offer financial reimbursement if the goods or services are not delivered. There are three common types of contract bond in Minnesota; these are payment bonds, performance bonds, and maintenance bonds.

Minnesota surety bonds by Viking Bond Service

The team at Viking Bond Service is here to help with all of your Minnesota surety bond needs. Our knowledgeable staff has been helping businesses in Minnesota secure the bond they need for many years. Call, email, or use our online application form to start your application today!

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