West Virginia Surety Bond Overview
Frequently, getting your business licensed in West Virginia requires obtaining a surety bond. If you want to perform construction work, you will also likely be required to post a surety bond before you can proceed.
Why do I need to get bonded?
You need to get bonded as a form of guarantee that you will perform work in compliance with the laws of West Virginia. Moreover, the bond agreement also functions as a guarantee that if you violate these laws and cause any losses, the bond company will compensate for the losses.
For a full explanation of how bonds work, see our 'What is a surety bond' page.
Do you know which bond you want to apply for? Simply find it in the table below and follow the application link. Should you have any questions, you can direct them to our surety experts at 866.450.3412.
Scroll down below for even more information on surety bonds in West Virginia, including types of bonds and cost calculations.
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|
|Excess Weight, Other Highway & Street Permit Bond||WV Depratment of Transporation||Division of Highways Encroachment||Apply Now|
|Collection Agency Bond||Tax Dept, Internal Auditing Division||Collection Agency||Apply Now|
|Debt Consolidators Bond||Secretary of State||Credit Services Organization Bond||Apply Now|
|Professional Fund Raisers Bond||Secretary of State||Professional Fund Raising||Apply Now|
|Insurance 3rd Party Administrator Bond||West Virginia Insurance Commissioner, Financial Co||Financial Conditions Division Administrators Bond||Apply Now|
|Mortgage Broker (1st & 2nd Mortgages) Bond||Commissioner of Banking||Mortgage Broker||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||Commissioner of Banking||Mortgage Lender||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||Commissioner of Banking||Mortgage Lender/Originator||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Division of Motor Vehicles - Dealer Services||Motor Vehicle Dealer||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Division of Motor Vehicles - Dealer Services||Motor Vehicle Dealer||Apply Now|
|Oil, Gas, Water or Mineral Wells or Leases Bond||STATE OF WV DEP OIL & GAS DIV||Single Oil or Gas Well, Single Liquid Injection We||Apply Now|
|Oil, Gas, Water or Mineral Wells or Leases Bond||West Virginia Dept of Environmental Protection||Single Oil or Gas Well, Single Liquid Injection We||Apply Now|
|Sport Permits Bond||West Virginia State Athletic Commission||Promoter's License Bond||Apply Now|
|Health Spas/Health Clubs Bond||Office of the Attorney General||Health Club||Apply Now|
|Detectives Bond||Commonwealth Of Virginia Dept of Criminal Justice||Private Security Services||Apply Now|
|Detectives Bond||WV Secretary of State||Detectives Bond||Apply Now|
|Professional Licenses (All Other) Bond||West Virginia of Insurance Commissioner||Professional Employer Organization||Apply Now|
|Professional Licenses (All Other) Bond||West Virginia Department of Natural Resources||Hunting & Fishing License Sales Bond||Apply Now|
|Professional Licenses (All Other) Bond||Divison of Natural Resources||Outfitters and Guides Bond||Apply Now|
|Professional Licenses (All Other) Bond||Secretary of State||Notary Public||Apply Now|
|Schools (All) Bond||State of West Virginia||Private Vocational School||Apply Now|
|Alcohol (Retailers) Bond||WV Department of Revenue||Permit Carrier Bond (WVABCA)||Apply Now|
|Alcohol (All Others) Bond||Alcohol Beverage Control Administration||Non-Intoxicating Beer||Apply Now|
|Alcohol (All Others) Bond||Alcohol Beverage Control Administration||Alcohol Beverage Control||Apply Now|
|Fuel Tax (All Others, Sellers & Users) Bond||WV State Tax Dept.||Motor Fuel Excise Tax Bond||Apply Now|
|Utility Deposit Bond||American Electric Power||In Lieu of Cash Deposit Bond (AEP)||Apply Now|
|Wages & Fringe Benefits Bond||WV Division of Labor||Wage Payment Bond||Apply Now|
|Wages & Fringe Benefits Bond||West Virginia Carpenters Joint Admin. Trust||(WVCJAT)Wages & Fringe Benefits Bond||Apply Now|
|Fringe Benefits Only Bond||Division of Labor||Wage Payment Collection Surety Bond||Apply Now|
|Money Transmitter Bond||THE STATE OF WEST VIRGINIA||Money Currency Exchange, Transmission & Transporta||Apply Now|
|Telemarketing/Phone Solicitor Bond||Secretary of State||Prof. Fund-Raising Counsels & Prof. Solicitors||Apply Now|
|Telemarketing/Phone Solicitor Bond||Secretary Tax and Revenue, W VA Dept. of Tax & R||Office of Telemarketing Registration Corporate||Apply Now|
|Appraisal Management||State of West Virgina||Appraisal Management Companies Bond||Apply Now|
Types of West Virginia Surety Bonds
Not all surety bonds are required under the same conditions, nor do they serve the same purpose. It’s important to know a bit about the three main categories of surety bonds:
- License and permit bonds are mandatory for many businesses prior to obtaining a license to do business in West Virginia.
- Construction bonds are needed by many contractors when they bid on public or private projects in the state.
- Court bonds may be required by some individuals due to a decision or ruling of a state court.
License and Permit Bonds
License and permits bonds are sometimes called commercial bonds. They include the largest number of surety bonds.
You will need this bond when you apply for your business license, otherwise your application may be rejected. The purpose of license and permit bonds is to safeguard the interests of the public and the state. A claim can be filed against you if your business is in violation of the bond agreement. Proven claims can hurt your business financially, so it’s best to avoid them by following the rules.
Examples of West Virginia surety bonds which businesses need to post are the auto dealer bond, the collection agency bond, as well as the professional solicitor bond.
Construction bonds are often required as a prerequisite to working on a public project. In recent years, many private project owners have chosen to require construction bonds as well.
The purpose of these bonds is to make sure the project is completed on time and per the conditions in the contract. There are several main types of construction bonds and all of them may be required for one project:
- Bid Bonds
- Performance Bonds
- Payment Bonds
- Supply Bonds
Make sure you learn more about each construction bond you are required to procure. Claims against that type of surety bond can also have serious consequences for contractors.
Court bonds can be required from a West Virginia court. If a state court appoints you a fiduciary of somebody’s funds, assets or property, you might be mandated to post a fiduciary bond. The bond makes sure you will manage the person’s assets in their best interests.
Another instance which may require a court bond is when an individual is appealing a court judgment. Appellants may be required to post a supersedeas bond.
Surety Bond Cost in West Virginia
Surety bond costs are easier to predict, once you know which type of bond you need. Every surety bond has a designated total bond amount, set by the state. This is the amount up to which a claimant (whether the state or a client) can be compensated, in case their claim is deemed valid.
Surety bond companies ask businesses for a bond premium in exchange for providing the bond. They determine the premium based on the risk they are assuming by underwriting a bond for a particular candidate. This risk is evaluated mostly by a look at the applicant’s credit report. Standard market premiums are between 1% and 4%.
Some other factors besides your personal credit score which you can include in your application, so as to reduce your premiums, are:
- Personal and business financial statements
- Information about any liquid assets
- Resumé demonstrating rich experience in your industry
But what if you have a bad credit score? You can still get bonded, though at rates between 5% and 15% of the total bond amount. This is because underwriters assume a greater risk when issuing bonds for applicants with lower scores. Learn more about getting bonded with a lower score from our Bad Credit Program page.
You can instantly get an estimate of your premium by using the surety bond calculator below. For even more information on how surety bond pricing works, check out our surety bond cost page.
Surety Bond Cost Calculator
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How to Get a West Virginia Surety Bond
Depending on the bond you want to apply for, follow the instructions below!
License bond application
To apply for a license bond, complete our online application form. It takes a few minutes to complete, and you will receive a free no-obligations quote upon submission. One of our surety bond agents will contact you to take you through the rest of the application process.
Contract bond application
To get a quote on your contract bond, complete the online application form. We will get back to you as soon as we have processed it with more information on the bonding process.
If you need any helps or further information, we are there to help you. Just call us at 866.450.3412.