Talent Agency Bond Overview
Talent agency bonds are required from talent agents in several states. While the definition of a “talent agent” can vary, usually it’s a person or an organization which charges a fee in return for procuring or attempting to procure employment for an artist.
Talent agency bonds work like other surety bond agreements in that they are a contract between three parties: the principal (the talent agent), the obligee (the state) and the surety (a bonding company).
Think of the surety bond as a line of credit extended to you and your business by the surety underwriter. Breaching the bond agreement can lead to a claim against you, meaning you and the surety are jointly responsible for reimbursing the claimant. In this particular case, breaching the agreement may constitute defrauding a client, or failing to comply with a particular statute that refers to your profession.
Read on for more information on talent agency bonds, such as calculating your bond cost and applying via our online application.
Talent Agency Bond Cost
To calculate the cost of your talent agency bond, you first need to know the total value required. The total value refers to the maximum compensation you may owe in case of a valid claim against you. Each state sets their own total value. For example, California talent agency bonds have a total value of $50,000, while Florida only requires a $5,000 one.
Talent agent bonds are paid for in annual premiums, though there are some state-specific requirements. For example, Florida talent agency bonds expire on March 31st each year. Premiums can be as low as 1% for applicants with good credit. Credit score is the most important determinant of your bond cost, but other items in your report, as well as your overall financial health can also influence it.
For more information and some really useful cost-saving tips, head to our How Much Does a Surety Bond Cost? Page.
Getting a Talent Agency Bond With Bad Credit
Bad credit applicants are usually considered higher risk by surety underwriters. Still, your bad credit will usually not stand in your way of obtaining a talent agency bond. In Florida, most applicants qualify even without a credit check. In California, on the other hand, it still possible to get bonded with bad credit, though at a slightly higher premium - even so, it will rarely exceed 10%.
Our Bad Credit Program helps 99% of applicants with credit issues get bonded. And if you take steps to improve your credit, you will see your premiums reduced when it’s time to renew your bond.
How to Get a Talent Agency License
Getting a talent agency bond is just one step towards obtaining a license. States have different licensing requirements, so you need to be well-acquainted with them. You may need to provide a sample contract, pass a background check, or submit an affidavit of character. You’ll also be required to pay applicable fees.
You should always check with your relevant authority to make sure you have satisfied all requirements before submitting your application. For California, this is the Department of Industrial Relations. In Florida it’s the Department of Business and Professional Regulation.
Licenses need to be renewed once a year, and the talent agency bond must be kept active in order for your renewal application to be accepted.
Apply for Your Talent Agency Bond Today!
Applying with Bryant Surety Bonds is easy, thanks to our simple 1-page online application. Shortly after submitting your application, one of our agents will contact you to walk you through the rest of the process. We have one of the fastest processing times and we always do our best to get your bond ready in as little as a few business days.
We are here to help you out if you are experiencing any difficulties. Just call us at 866.450.3412 and we will be happy to assist you.