Massachusetts Surety Bonds

Surety Bond Cost in Massachusetts

A wide array of businesses in Massachusetts are required to get a surety bond – as part of their licensing process, or for executing specific projects.

It’s important to differentiate between the amount of the surety bond you are required to post, and the surety bond cost that you have to pay. The amount set by the authority requiring the bond functions as the penal sum of the bond. If you transgress your obligations under the bond, and a claim is proven against you, this is the maximum sum for compensation of all affected parties.

The surety bond cost is only a percentage of this penal sum, called the premium, which is usually between 1% and 4% for applicants qualifying for the standard bonding market.

How is bond cost determined?

Your actual bond cost depends on a variety of personal and business factors. When you apply for a bond, the surety needs to examine these factors and assess the strength and stability of your business. The less risky it is to underwrite your bond, the less you will pay for the bond.

Some of the most important criteria in this assessment include:

• Personal credit score (most important)
• Financial statements
• Assets and liquidity
• Your experience in the industry

Our surety bond cost calculator below can give you an estimation of your bond cost depending on your circumstances. To get a free and exact quote, complete our bond application form and we will contact you shortly.

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Surety Bond Cost Calculator

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Can I get bonded with bad credit?

Bad credit applicants can get bonded at slightly higher rates, between 5% and 15% of the total bond amount. As the risk involved in bonding them is bigger, the higher premiums are there to compensate for it. Nevertheless, this is a great opportunity with businesses with problematic finances to obtain the bond they need, and have the chance to improve their financial stats over time.

Use the table below to search for your specific Massachusetts surety bond.

Don’t see your bond? No problem! Call us at 866.450.3412 and our surety bond experts will find it for you.

Types of Massachusetts Surety Bonds

The following are the three main types of surety bonds that are usually requested by applicants.

• License and permit bonds are required as part of your business licensing process.
• Contract bonds are necessary for bidding and performing on public or private construction projects.
• Court bonds are required by courts in the state for a variety of purposes.

All types of surety bonds are explained in greater detail below.

License & Permit Bonds

If you’re running a business that is required to go through a licensing process with a state, local, or city authority, you might be asked to provide a license and permit bond to obtain the right to operate legally. Depending on the industry you’re in, there might be licensing and bonding rules that apply for the whole country, or you might have to comply with local and/or city requirements.

The local authorities that require the bond, aim to safeguard the interests of the general public, by asking for this extra layer of protection. Your surety bond can be used as a compensation on proven claims for any financial harm you impose on your clients through unlawful or fraudulent actions.

The most popular Massachusetts license and permit bonds include the used car dealer bond and the freight broker bond but there are many other businesses in the state that also need a bond.

Contract Bonds

If you’re doing construction contracting work and would like to bid on private and public projects, you’re likely to be asked to post a few types of contract bonds. These bonds are obtained only for this specific work.

The purpose of contract bonds is to provide an additional guarantee that you will follow and complete all your obligations under the project contract. The most common types of required contract bonds are:

• Bid bonds
• Performance bonds
• Payment bonds
• Maintenance bonds

Court Bonds

In some cases, a state or local court might require you to post court bonds. The usual occasions when a court bond is required are:

• When bringing a court case to an appellate court you may have to post a supersedeas bond, also known as an appeal bond.
• When you are assigned as a guardian of another person’s property or assets, known as fiduciary, a state probate court can require that you post a fiduciary bond.

How to Get Bonded in Massachusetts

In case you need a refresher about surety bonds and the process of obtaining them, our what is a surety bond page contains all the key facts. If you are ready to apply, follow the instructions below

License Bonds Application

Your first step in getting your license bond is to apply online, following the instructions on the page. After you complete the application form, we will provide you with a free quote and, if necessary, request additional information.

Contract Bonds Application

If you require a contract bond, you need to complete the online application form which you need. After we receive your completed form and review it, we will contact you to continue with the bonding process.

Our bonding experts are at your disposal in case you need any help with the application form and documents or have questions about the bonding process. Just call us at 866.450.3412.

Further Reading

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.