Utah Surety Bonds Overview
Surety bonds are required in a number of cases in the state of Utah. If you want to apply for a business license, chances are you will be asked to get bonded prior to being issued a license. If, as a contractor, you wish to perform on state or federal construction projects you are also likely to be required a bond before you can do so.
What is the purpose of the bond?
The function of the surety bond is to guarantee that the bonded party (the bond principal) will comply with the conditions that are stated in the bond agreement. Frequently these conditions include compliance with state laws and regulations, the requirement to conduct business fairly and honestly, and more.
Moreover, the bond also serves to protect various parties (the bond obligees), such as the state or the public, from violations of these bond conditions by the principal. If such violations lead to losses or damages for the obligees, they may file a claim against the bond to receive compensation. The bond company that backs the bond may then compensate them up to the full amount of the bond to resolve the claim.
Learn more about how bonds work and why you may need to get bonded from our great ‘What is a surety bond’ guide!
Ready to start? Find the bond you need in the table below, and follow the link to fill out the application. We’ll get in touch to provide you with your free quote.
If you want to know more about the types of bonds that are available, and how much it costs to get bonded in Utah, see the sections below.
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".
|Freight Broker Bond (BMC-84)||FMCSA||N/A||Apply Now|
|Contractor License Performance & Payment (State) Bond||Division of Occupational and Professional Licensin||Appendix Form D: Contractors License||Apply Now|
|Contractor License Performance & Payment (State) Bond||Division of Occupational and Professional Licensin||Contractor's License||Apply Now|
|Contractor License Performance & Payment (State) Bond||Div. of Occupational & Professional Licensing||Contractor License Bond||Apply Now|
|Contractor License Performance & Payment (State) Bond||Utah Department of Ocupational Professional Licens||Contractor's License Bond||Apply Now|
|Investment Advisor (Blue Sky) Bond||State of Utah-Dept of Commerce- Div of Securities||Investment Advisor||Apply Now|
|Investment Advisor (Blue Sky) Bond||State of Utah||Corporate Indemnity Bond of Investment Adviser||Apply Now|
|Collection Agency Bond||Dept of Commerce||Collection Agency||Apply Now|
|Debt Consolidators Bond||Department of Commerce||Credit Services Organization||Apply Now|
|Insurance 3rd Party Administrator Bond||Utah Department of Insurance||Third Party Administrator Bond||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||Dept of Commerce, Division of Real Estate||Mortgage Lender (Entity)||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||Dept of Commerce, Division of Real Estate||Mortgage Lender (Individual)||Apply Now|
|Small Loan Companies Bond||City of Ogden||Small Loan Companies Bond||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Motor Vehicle Enforcement Division||Motor Vehicle Dealer, Crusher, Body Shop||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Motor Vehicle Enforcement Division||Motor Vehicle Dealer, Crusher, Body Shop||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Division of Occupational an professional Licensing||Factory Built Housing Dealer Bond||Apply Now|
|Sport Permits Bond||Pete Suazo Utah Athletic Commission||Promoter's||Apply Now|
|Health Spas/Health Clubs Bond||Dept of Commerce, Division of Consumer Protection||Health Spa Surety||Apply Now|
|Detectives Bond||Bureau of Criminal Identification||Private Investigative Agency Bond||Apply Now|
|Professional Licenses (All Other) Bond||Murray City Corporation||Alarm Sales & installation Bond||Apply Now|
|Professional Licenses (All Other) Bond||Department of Commerce||Immigration Consulting Bond||Apply Now|
|Schools (All) Bond||Utah Division of Consumer Protection||Post-Secondary Proprietary School||Apply Now|
|Alcohol (Retailers) Bond||Utah Department Of Alcoholic Beverage Control||Restaurant Liquor||Apply Now|
|Alcohol (Retailers) Bond||UT Dept of Alcoholic beverage Control||Limited Restaurant||Apply Now|
|Alcohol (Retailers) Bond||Utah Department of Alcoholic Beverage Control||Liquor Warehousing Bond||Apply Now|
|Alcohol (All Others) Bond||Dept. of Alcohol Beverage Control||On Premise Beer||Apply Now|
|Cigar/Cigarette & Tobacco Tax Bond||Utah State Tax Commission||Tobacco Tax Bond||Apply Now|
|Sales, Use & Consumer Tax Bond||Utah State Tax Commission||Sales Tax Bond||Apply Now|
|Utility Deposit Bond||Rocky Mountain Power||Utility Deposit Bond (In Lieu of Audit)||Apply Now|
|Money Transmitter Bond||Utah Department of Financial Institutions||Third-Party Payment Surety Bond||Apply Now|
|Telemarketing/Phone Solicitor Bond||Office of The Attorney General||Telemarketing/Phone Solicitor Surety||Apply Now|
|Appraisal Management||UTAH DIVISION OF REAL ESTATE||Appraisal Management Company Bond||Apply Now|
Types of Surety Bonds in Utah
Several different types of bonds are available in Utah.
- A license and permit bond is necessary for business licensing purposes
- A contract bond is required for bidding and performing on construction contracts
- A court bond is necessary if you wish to appeal a court judgments
Learn more about all of these bonds in the expanded sections below.
License & Permit Bonds
A majority of businesses in Utah need to get licensed. This often entails getting bonded as well. By getting bonded, these businesses guarantee to their clients that they will comply with Utah state’s regulations. Bonds also enable customers to take measures against businesses who act in dishonest ways, and to receive financial compensation for the losses they may have suffered.
Among the most common license and permit bonds in the state are the auto dealer bond, the mortgage broker bond, and freight broker bonds. There are many other types of license bonds that are also required in Utah.
Licensed and bonded contractors in Utah will often be required to obtain one or more contract bonds. These bonds are requested by project owners when contractors bid or work on a project. Federal, state, and public projects almost always ask contractors for contract bonds.
Contract bonds guarantee that contractors will perform their work according to the project's requirements, and in total compliance with Utah state regulations for contractors. Whenever this is not the case, project owners can file a claim against these bonds and receive compensation.
Court bonds are typically obtained by applicants who have been requested by a county or state court to do so. They apply to cases when an individual appeals a court case or is appointed as someone’s fiduciary.
Call us at 866.450.3412 to speak to one of our surety experts and find out more about how to get bonded in Utah, or receive assistance with your application.
How Much Does a Surety Bond Cost in Utah?
The cost of your surety bond is determined on the basis of the type of bond you need and its amount. The bonding amount is the maximum coverage that a bond guarantees to its obligees. The cost of the bond, on the other hand, is only a percentage of that full amount. The cost is sometimes also referred to as the bond premium.
How is my bond premium determined?
Whenever someone applies for a bond, sureties consider their application and assess them on the basis of a number of factors, in order to determine a cost for the bond.
Among these factors, personal credit score is the most important one.
Before making a final decision, sureties may also take other factors into account, including:
- An applicant’s business and personal financial statements
- An applicant’s liquidity and asset profile
- An applicant’s industry experience
As a rule, applicants who have high credit scores are offered a premium between 1%-4% of the full amount of the bond.
Those who have a lower or bad credit score are offered higher rates, as there is more risk involved in bonding such applicants. Such applicants are typically offered a rate between 5%-15% of the full bonding amount.
Try our surety bond cost calculator below to get an estimate of your surety bond cost.
Surety Bond Cost Calculator
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Read more about how sureties settle on a rate and which factors influence bond cost at our Surety Bond Cost page.
How to Get Bonded in Utah
To apply for your bond choose the right bond application and follow the instructions. Applying takes only a few minutes for most bonds.
License bond application
Complete our online bond form to apply for your license and permit bond. We will soon get in touch with you to provide you with a free quote and further details.
Contract Bond Application
Complete the online application if you need a contract bond. Once you submit it, we will contact you with further information about bonding process.
Need help, or want to know more about surety bonds? Call us at 866.450.3412 to speak to one of our bond professionals.