Florida Surety Bonds

Florida Surety Bond Requirements

In Florida, surety bonds are essential for many businesses and individuals to comply with state laws, protect consumers, and guarantee the fulfillment of contractual obligations. These bonds are often legally required for licensing, specific projects, or court orders. Florida’s laws, including those overseen by the Department of Business and Professional Regulation and other state agencies, establish these requirements to safeguard public interests.

Surety bonds are a three-party agreement involving the principal (the professional required to obtain the bond), the obligee (the entity mandating the bond), and the surety (the company that financially backs the bond).

Here are the general types of surety bonds required in the state of Florida:

• License & Permit Bonds: These bonds are required for professionals such as auto dealers, telemarketers, and contractors as part of their licensing process, allowing them to legally operate in the state of Florida.
• Contract Bonds: These include bid bonds, performance bonds, and payment bonds, commonly used in construction projects. They ensure contractors meet project standards, pay subcontractors, and complete the work as per agreements.
• Court Bonds: These are required in legal proceedings, such as appeal bonds or executor bonds, to guarantee compliance with court orders or protect involved parties.
• Fidelity Bonds: Although not mandated by law, fidelity bonds protect businesses against losses due to employee dishonesty, such as theft or fraud, especially in service industries.

Most Popular Bonds in Florida

• Florida Auto Dealer Bond is required as part of the licensing process for those who want to sell 3 or more vehicles per year. To obtain a license, the Florida Department of Highway Safety and Motor Vehicles requires auto dealers in the state to secure a $25,000 surety bond.
• Freight Broker Bond: Freight brokers and freight forwarders in Florida are required to secure a $75,000 surety bond as mandated by the Federal Motor Carrier Safety Administration (FMCSA).
• Florida Contractor License Bond: There are different types of contractor license bond requirements in Florida. Some contractors performing work valued over $500 need to have a general contractor license and obtain a contractor license bond.
• Florida Telemarketing Bond: Telemarketing companies operating in Florida must post a $50,000 surety bond. This bond is designed to safeguard the public against fraudulent telemarketing practices.
• Florida Seller of Travel Bond: Travel agents must obtain a surety bond of up to $25,000 or $50,000, depending on whether they offer vacation certificates.
• Florida Private Auto Tag Agency Bond: Private auto tag agencies operating in specific counties like Broward, Miami-Dade, and Volusia must obtain a bond to comply with local regulations and ensure accountability in tag processing.
• Florida Medicaid Bond: Medicaid providers in Florida are required to secure a surety bond of $50,000 or more, depending on how much they bill the Florida Medicaid program.
• Florida Collection Agency Bond: Collection agencies in Florida are required to secure a $50,000 surety bond to ensure ethical debt collection practices and protect consumers from harassment or unlawful actions.
• Florida Credit Services Organization Bond: Credit repair companies in Florida must obtain a $10,000 surety bond to ensure compliance with state laws and provide financial protection to clients in case of fraudulent practices.
• Florida Money Transmitter Bond: Selling or issuing payment instruments, or transmitting money for compensation in Florida, requires a money transmitter license and a surety bond between $50,000 and $2,000,000.
• Florida Process Server Bond: Individuals serving legal documents in Florida must secure a $5,000 surety bond to get their license.
• Florida Public Adjuster Bond: Public adjusters must obtain a $50,000 surety bond to get their license, guaranteeing compliance with Florida insurance regulations and protecting clients from unethical business practices.
• Florida Title Agency Bond: Title agencies in Florida are required to obtain a $35,000 surety bond with the Division of Insurance Agent and Agency Services.
• Florida Title Bond: Individuals with lost or defective vehicle titles in Florida need a title bond to verify ownership and secure a valid title, protecting the state and other parties from potential fraud. The bond amount is equal to twice the appraised value of the vehicle you want to get a certificate of title for.
• Florida Notary Bond: Florida requires all commissioned notaries to secure a $7,500 bond to protect the public from financial loss due to errors, omissions, or misconduct during notarial acts. This ensures accountability and trust in notary services.

Bryant Surety Bonds provides all surety bonds in the state of Florida. Apply online to secure the bond your business requires. Our experts are ready to assist.

The table below lists most of the surety bonds we offer in the state of Florida.

Florida Surety Bond Requirements by City

Some cities in Florida have their own additional surety bond requirements for specific professions.

• Orlando: Specific bonds may be needed for businesses operating in Orlando, for example obtaining a license surety bond as a condition for operating legally within the city required by The City of Orlando Code and the Florida Statutes.
• Miami: Contractors and construction professionals might require additional bonds for local projects.

How Much Is a Surety Bond in Florida?

The cost of a surety bond in Florida generally ranges from 1% to 10% of the bond amount, depending on several key factors. Here’s what determines the final price:

1. Bond Amount - The cost of the bond that you will pay is calculated as a percentage of its total value.
2. Credit Score - Applicants with good credit (scores above 650) can expect to pay a lower premium, typically between 1%-3% of the bond amount.
3. Bond Type - Riskier bond types, such as those required in freight brokerage or large-scale construction, may have higher premium rates.
4. Industry Experience - Applicants with extensive experience in their field may be viewed as lower risk, resulting in reduced premium rates.
5. Business Financials - Businesses with solid financial histories, consistent revenue, and no major liabilities are likely to secure better rates.

Can I Get Bonded With Bad Credit in Florida?

Yes, it is possible to get bonded even with a low credit score or financial challenges, though at higher rates. Bryant Surety Bonds offers bad credit bond programs, allowing applicants with issues like bankruptcies, civil judgments, or tax liens to secure bonds at rates ranging from 3%-10% of the bond amount.

You can get an initial estimate using our surety bond cost calculator, which requires input like the bond amount, state, and your credit score. Alternatively, you can request a free, no-obligation quote online.

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Surety Bond Cost Calculator

Bond Type Select Your Required Bond Auto Dealer BondCollection Agency BondContractor License BondDebt Collector BondFreight Broker BondMedicare/Medicaid BondMortgage Broker BondRetail & Professional Services BondSchool BondSmall Loan Company BondSports Permit BondTax & Utility BondTelemarketing BondTravel Agent BondAll Other License Bonds

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Get Your Florida Surety Bond in 4 Easy Steps

1. Apply online: Fill out an online application with your business details and the bond type.
2. Get a free quote: Receive a customized quote based on your requirements. Some bonds offer instant approval.
3. Pay the premium: Securely pay for the bond online.
4. Receive your bond: Your bond is issued and can be filed with the appropriate agency or obligee.

For assistance or questions about Florida surety bond requirements, call 866.450.3412.

Agency License in Florida

Bryant Surety Bonds holds a legal license to issue surety bonds in Florida.

Agency License # L106247

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.