How Much Does a $30,000 Surety Bond Really Cost?

Table of Contents

The cost of your $30,000 surety bond will, in most cases, be a yearly premium in the range of 0.75%-3% of your bond amount. This translates into payments between $225 and $900. Applicants with less than good credit scores usually pay between $900 and $3,000.

Keep in mind that these are only ballpark estimates and there are other factors affecting the price of your surety bond. You can receive an exact quote for your surety bond by completing the application below. It’s free of charge and there are no obligations.

Factors Determining Your $30,000 Surety Bond Cost

When you're required to obtain a $30,000 surety bond, several key factors influence the cost that you will pay. Understanding these factors can help you anticipate expenses and lower your premium. Here are the most significant determinants:

1. Credit Score: The cost of your $30,000 surety bond is heavily influenced by your credit score. Applicants with excellent credit scores are usually offered lower premiums because they are considered lower risk. The higher your credit score, the less you are likely to pay for your bond.

   You can refer to the rate table below for a ballpark estimate of what your specific credit score might mean in terms of cost:

   

   

   

2. Bond Type and Terms: The specifics of the bond, such as its obligations and associated risks, influence the premium. Some industries and the required bonds are considered riskier and can result in a higher cost for the applicants.

3. Industry Experience: Extensive experience in the industry suggests lower risk, as seasoned professionals are more likely to adhere to regulations and manage risks effectively, reducing the chances of claims against the bond.

4. Financial Strength: The financial health of your business, including assets, liabilities, and cash flow, is important. Surety companies evaluate financial statements to gauge a business's stability, which can affect bond costs.

5. History of Claims: Previous claims can raise the cost of a new surety bond since they suggest a higher future risk. A clean claims record can help reduce bond costs.

6. Location: Costs vary by state and local jurisdiction due to differing regulations and risk levels, which in turn impact the bond cost.

For more information on the factors that determine your bond premium, read our surety bond cost guide.

Getting a $30,000 Surety Bond with Bad Credit

You can still obtain a $30,000 surety bond even if you have bad credit, though your premium will be higher as indicated in the table above. Past-due items or other negative marks on your credit report can further affect your premium to increase.

At Bryant Surety Bonds, we offer a special program for applicants with low credit scores. When you apply for a bond with us, our agents can provide you with personalized advice on how you can build a stronger application.

Most Common $30,000 Surety Bonds

About us:

Bryant Surety Bonds

Bryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond.