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Surety Bonds in Wisconsin

Surety Bonds in Wisconsin - State Capital Building Madison, WI

The team at Viking Bond Service has many years of experience helping businesses find the right surety bond in WI. As one of the premier bonding services in the US, we have the knowledge to ensure that you get the bond you need when you need it.

We offer a simple application process that can be completed very quickly. Whether you need a contract bond for your next project or a commercial bond to secure your license we're here to help you find an affordable option.

At Viking, we understand that getting the right bond is vital to your business, that's why we offer a fast and efficient service designed to get the bond your business needs to move forward.

How Does a Surety Bond in Wisconsin Work?

All different surety bond types have the same basic purpose: to hold one party liable for misconduct that causes damage to another party. The individual or organization that suffered the damages may file a claim against the surety bond, and they are guaranteed compensation for all valid claims. The company that backs the bonds settles the claims, but the party that caused the claim (the bond holder) has the liability, so they must repay the bond company with interest and fees added.

Different corners of the public and private sector set surety bond requirements because they're an effective regulatory tool. By holding someone financially responsible for their misconduct, surety bonds in Wisconsin make misconduct less likely. If something illegal, unethical, or in violation of a contract does happen, bonds compensate those who have been negatively affected. Surety bonds are also good for the bond holder, though, because they help to establish legitimacy and build trust.

Who Needs a Surety Bond in Wisconsin?

Surety bond requirements are common throughout Wisconsin. Many people need surety bonds in order to get a business or professional license. Other people need them to finalize contracts, especially in the construction industry. In all cases, it's important to meet bond requirements sooner rather than later. Count on Viking Bond Service to make the bonding process fast and easy for everyone in Wisconsin.

How to Get a Surety Bond in Wisconsin

If you're wondering how to get a surety bond in Wisconsin, you should work with a bonding company that has experience securing bonds in the state. Viking Bond Service offers a first-class bonding process that can help you get a bond in just a few days.

If you'd like a commercial bond you can apply using our secure online application. Our team of licensed bonding agents are also available to get the application process moving forward.

To secure a contract bond, our experienced contract bonding agents will determine which application best matches your specific surety bond requirement and will guide you through the process from application to bond issuance. The typical bonding process will include the application, a credit check and at times additional supporting documentation such as business financial statements or business work history.

The Cost of Wisconsin Surety Bonds

Surety bond companies calculate bond premiums using the data in your application. There are many factors that play a role in determining the cost of a surety bond, but three things play a large role in premium cost, these are bond type, bond amount, and credit history.

Credit is taken into consideration by surety underwriters when determining the risk associated with issuing the requested surety bond. Good credit has a beneficial impact on surety bond quotes while challenged credit can result in higher quotes.

Common Wisconsin Surety Bonds

Surety bonds in Wisconsin are split into two types: commercial bonds and contract bonds. Viking Bond Service agents can help you purchase all types of surety bonds available in the state.

  • Commercial bonds are often a requirement for businesses applying for operating licenses in Wisconsin. They can be required at local or state level and are often known as permit bonds or license bonds. Commercial bonds are common for auto dealers and mortgage brokers.
  • Contract bonds provide surety bond coverage for contracts. These types of bonds are frequently used in the construction industry to protect one of the parties from financial loss should the other party fail to comply with the contract terms. The four main types of contract bonds are bid bonds, performance bonds, payment bonds, and maintenance bonds.
  • Court Bonds hold a plaintiff or defendant involved with a civil or criminal trial liable for meeting court mandates. When required, someone must obtain a court bond before a legal action can proceed.
  • Fidelity Bonds are a type of surety bond that businesses obtain voluntarily to protect themselves and their customers from misconduct on the part of employees.

Do You Need to Renew Surety Bonds in Wisconsin?

Many surety bonds need to be renewed, especially commercial bonds. Coverage typically lasts for 12 months, but longer and shorter periods are possible. The bond company will run another credit check during renewal. If credit has gone up or down in the preceding years, bond costs will adjust accordingly. Lapses in bond coverage can invalidate a state license or create other unwanted complications, so it's important to keep surety bonds renewed and in good standing at all times.

Wisconsin Surety Bonds by Viking Bond Service

Choose Viking Bond service to find an affordable commercial or contract surety bond in WI. Our experienced agents are here to help you get the right bond at the best price. Request a quote at any time. We will get back to you within 24 hours for most requests. Our team is also happy to answer your questions and supply information. Call us at 1-888-2-SURETY (1-888-278-7389) or contact us at your convenience.

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