Insurance Broker Bond Overview

An insurance broker bond is a type of license and permit bond which guarantees that insurance brokers account for insurance premiums they collect. It also guarantees that they will develop risk mitigation strategies faithfully and in accordance with state regulations.

This bond protects individuals who may be harmed by the actions of a licensed insurance broker. It is required by the state department of insurance upon applying for an insurance broker license and throughout the duration of the license.

Cases in which a claim can be filed against an insurance broker bond include:

  • Collecting premiums for non-existent insurance policies
  • Manipulating rates and collecting higher premiums
  • Misleading clients to obtain insurance policies they do not need
  • Encouraging clients to lie about personal details in insurance applications
  • Encouraging clients to conceal and misrepresent their financial status in insurance applications

Insurance broker bonds are relevant to insurance brokers or agents, insurance adjusters, surplus lines brokers, and others. Furthermore, depending on the state you are based in, you may either have to obtain a bond which covers the whole agency (and includes all individuals) or have each individual bonded separately. Always make sure to check with your state’s department of insurance to know what kind of bond you need!

The insurance broker bond is considered relatively low risk by bonding companies when compared against other commercial surety bonds due to the very strict licensing requirements. Because of this rates are good, and vary very little between surety companies.

But not everyone will be accepted in the standard market. If, due to your credit report, you do not qualify for the standard market, Bryant Surety Bonds can offer you an insurance broker bond through our special bad credit surety bond program.

Find the Bond You Need

The table below contains a list of only the most popular surety bonds. If you can't find yours, fill out our online application and select "Not in the list".

Arizona Insurance Broker Director of Insurance Apply Now
Arizona Department of Insurance Administrator Bond State of Arizona Apply Now
Arizona Health Care Card Provider Bond State of Arizona, Department of Treasury Apply Now
Arkansas Third Party Administrator Bond Arkansas Insurance Dept. License Division Apply Now
California Bond of Public Insurance Adjuster State of California Apply Now
California Insurance Adjuster Bond Producer Licensing Bureau Apply Now
California Bond for Insurance Broker Producer Licensing Bureau Apply Now
Colorado Public Adjusters Bond Colorado Division of Insurance Apply Now
Connecticut Third Party Administrators (TPA) Bond CT Dept. of Insurance Apply Now
District of Columbia Public Insurance Adjusters Bond Department of Insurance, Securities and Banking Apply Now
Florida Public Adjuster's Florida Department of Financial Services Apply Now
Florida Insurance Broker Bureau of Licensing Apply Now
Georgia Public Adjuster Georgia Insurance Commissioner Apply Now
Georgia Insurance Counselor Bond OFFICE OF INSURANCE AND SAFETY FIRE COMMISSIONER Apply Now
Georgia Third Agency Bond Office of Commissioner of Insurance Apply Now
Hawaii Public Adjuster Bond Hawaii Insurance Division Apply Now
Idaho Bond Of Public Adjuster Idaho Department of Insurance Apply Now
Illinois Insurance Broker Dept of Financial & Professional Regulation Apply Now
Illinois Preferred Provider Program Administrator IL Dept. of Insurance Apply Now
Illinois Third Party Administrator Illinois Department of Insurance Apply Now
Iowa Insurance Adjuster Bond Iowa Insurance Division Apply Now
Iowa Third Party Administrator Insurance Division Apply Now
Kentucky Financial Responsibility Office of Insurance, Agent Licensing Division Apply Now
Louisiana Public Adjusters Department of Insurance Apply Now
Louisiana Insurance 3rd Party Administrator Bond Louisiana Department of Insurance Apply Now
Maine Insurance Consultant's License Bond BUREAU OF INSURANCE Apply Now
Maine Insurance 3rd Party Administrator Bond Dept of Professional & Financial Regulations Apply Now
Maryland Automobile Insurance Fund Producer Maryland Automobile Insurance Fund Apply Now
Maryland Insurance Administration Insurance Advisor MD Insurance Commissioner Apply Now
Maryland 3rd Party Administrator Bond Maryland Department of Insurance Apply Now
Minnesota Public Adjuster Surety Bond Department of Commerce Apply Now
Mississippi Public Adjuster Mississippi Department of Insurance Apply Now
Missouri Third Party Administrator State of Missouri Apply Now
Nevada Administrators As Provided By NRS 683A Nevada Division of Insurance Apply Now
New Jersey Public Adjuster State of NJ Dept. of Banking & Insurance Apply Now
New Jersey Insurance Broker Commissioner of Banking and Insurance Apply Now
New Mexico Insurance Adjusters Surety New Mexico Public Regulatory Commission Licensing Apply Now
New York Adjusters NY Insurance Department - Licensing Bureau Apply Now
North Carolina Public Adjuster Insurance North Carolina Dept of Insurance Apply Now
North Carolina Broker Insurance Commissioner of Insurance Apply Now
Ohio Public Insurance Adjuster Ohio Superintendent of Insurance Apply Now
Ohio Electronic Individual Public Insurance Adjuster Department of Insurance, Licensing Division Apply Now
Ohio Insurance Broker Dept of Insurance Apply Now
Oklahoma Public Adjuster's Bond State of Oklahoma Insurance Commissioner Apply Now
Oklahoma Third Party Administrator's People of the State of Oklahoma Apply Now
Pennsylvania Public Adjuster Pennsylvania Insurance Department Apply Now
South Carolina Insurance Broker Dept of Insurance Apply Now
South Carolina Insurance Broker Bond Dept of Insurance Apply Now
South Carolina Insurance Administrator Bond South Carolina Department of Insurance Apply Now
South Dakota Discount Medical Plans Bond SD Dept. Labor & Regulation Division of Insuranc Apply Now
Tennessee Public Adjusters TN Department of Commerce Apply Now
Texas Public Insurance Adjuster Bond Texas Department of Insurance Apply Now
Texas Insurance Agency Department of Insurance Apply Now
Texas Discount Health Care Program Operator Texas Department of Insurance Apply Now
Utah Third Party Administrator Bond Utah Department of Insurance Apply Now
Washington Insurance Broker's Bond Insurance Commissioner Apply Now
Washington Insurance Agents/Brokers Bond State of Washington Apply Now
West Virginia Financial Conditions Division Administrators Bond West Virginia Insurance Commissioner, Financial Co Apply Now
Wisconsin Employee Benefit Plan Administrator Wisconsin Office of The Commissioner of Insurance Apply Now
Wyoming Third Party Administrator State of Wyoming Apply Now

Insurance Broker Bond Cost

Insurance broker bond cost depends on the bonding amount required by your state government. Because of the strict bonding requirements for insurance brokers, these bonds are accessible and rates for both standard market applicants and bad credit applicants are relatively low.

The exact cost of your insurance broker bond is a fraction of the bond’s total amount. Bond amounts can vary from as little as $5,000 or less, as in Georgia or Oklahoma, to as much as $10,000, $15,000 or $25,000 as in California, North Carolina, and Texas.

Rates for standard market applicants range between 1%-4% of the total bond amount though no less than $100. The exact amount of your premium will depend first and foremost on your personal credit score. When determining your rate, sureties will always assess your credit score and use this as the basis for their calculation.

Over the years we have created a network of partner surety companies all of which are A-rated and T-listed. This places them among the best sureties in the nation, and provides us with exclusive access to some of the best and lowest surety bond rates in all states. If you apply for your insurance broker bond with us, you are sure to get the best deal!

The cost of surety bonds is also influenced by other factors, apart from personal credit score. Our extensive surety bond cost guide can provide you with more information on the subject, if you’d like to know how premium rates are determined.

Bad Credit Insurance Broker Bond Program

Our Bad Credit Surety Bond Program makes it possible for applicants with poor credit or without credit to get bonded as well. Since licensing requirements for insurance broker bonds are very strict, applicants with bad credit who pass these requirements usually don’t get rates which are exceptionally high.

Rates under this program usually are slightly higher, between 5%-15% of the total bond amount but for insurance broker bonds these are often not higher than 10%. All bonds, regardless of the applicant’s credit status are offered and backed by the same sureties, so by getting your bond with us, you will have the backing of these professionals! Don’t forget - a bond is only as good as the surety backing it!

How to Get Your Insurance Broker Bond

Getting your insurance broker bond is very easy and applying takes just a few minutes! Apply online here, fill in your application and submit it. Soon after that, we will contact you with a free quote on your bond and further directions. From there it’s only a matter of a few more details before you have your bond.

Call us at (866) 450-3412 anytime to consult with one of our surety professionals. We have underwritten countless insurance broker bonds in all states and know all about them. We will be happy to answer your questions and help you out!


About the author:
Todd Bryant
Todd Bryant is a graduate of Germantown Academy and the University of Pittsburgh College of Business Administration Honors College. He has been President of Bryant Surety Bonds, Inc., an A+ rated Business with the Better Business Bureau, since 2007. Licensed as a producer with the Department of Insurance, he has been published in the National Association of Surety Bond Producers newsletter and on numerous authoritative publications such as The Washington Post, Entrepreneur.com, Azcentral.com and many more.