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Learn more about Surety Bonds
What is a surety bond?
A surety bond is a three-sided contractual agreement guaranteeing that a business or individual will fulfill their obligations under a contract and in accordance with business regulations. The three parties involved in the surety bond agreement are the obligee (the party requesting a surety bond), the principal (the party obtaining the bond) and the surety (the surety company backing the surety bond financially).
How Surety Bonds Work?
To get bonded, you need to pay only a small percentage of the bond amount, which is called a bond premium. This percentage is different for every applicant and it is based on different factors, such as the type of bond you need, your credit score, financial statements and more. To get a ballpark estimate of how much your bond might cost, you can try our surety bond cost calculator on the right.
Surety Bond Cost Calculator
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What Does a Bond Cost?
This is our most common question and unfortunately it's the one with the least straightforward answer. Though a commercial bond annual premium tends to fall between 1% and 14% of the bond size, this is a larger range and there can be exceptions. Read on to learn how to estimate where your bond cost should fall, and what you can do to reduce it.
How To Get Bonded?
Are you new to Bonding? Learn the in’s and out’s of the bonding process as well as the five key pieces of information you will need to apply for your surety bond. This information will not just make the process smoother, but it can also help you reduce the cost of your surety bond.
Surety Bonds vs Insurance
Surety bonds and insurance are two completely different terms. Simply put, an insurance protects your business and surety bonds protect the public. If you want to get Bonded and Insured, the insurance aspect could refer to Fidelity Bonds, which protect your business from employee dishonesty.
Surety Bonds FAQ
Searching for answers that you just can’t find? Visit our surety bond FAQ page for a list of both common and uncommon questions. Still can’t find what you’re looking for? You can always call one of our knowledgeable agents and they will most certainly have the answer for you.