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

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!