Overview of Florida Telemarketing Bond Requirements
The Florida Department of Agriculture and Consumer Services requires that phone solicitors hold a valid license in the state before they can operate legally. The telemarketing bond is a type of surety bond which offers protection to consumers, in case telemarketers violate the Florida Telemarketing Act and cause them damage or loss.
The specific provisions that telemarketers need to be aware of can be found in sections 501.601-501.626 of the Florida Statutes. Failure to adhere to these rules can lead to a claim against the telemarketer’s bond. The claim serves to provide quick compensation to an affected party.
Telemarketing bonds in Florida are valid for one year after the day the surety company signs them. They need to renewed annually to remain in force.
Keep reading for more detailed information on this type of bonds.
Florida Telemarketing Bond Cost
Each surety bond has a penal sum, which sets a cap on the maximum liability of the bond holder. For telemarketing bonds in Florida that amount is $50,000.
However, to get bonded you only need to pay a fraction of that amount. In most cases, if your credit score is high, you will pay somewhere between 1% and 3%– or between $500 and $1,500 annually. The lower your credit score goes, the higher your premium will be. You can get an estimate from the table below.
|Bond Type||Surety Bond Amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Florida Telemarketing Bond||$50,000||$250-$625||$375-$750||$1,000-$2,500||$2,500-$5,000|
Your personal credit score and those of all owners (if more than one) is the most important factor for your premium. This is because surety bonds companies use it to estimate the risk they take on to back your bond.
However, bonding companies can consider other factors as well. These include the age of your business, your experience and your financials. You can get more details in our surety bond cost guide.
Getting A Florida Telemarketing Bond With Bad Credit
Getting bonded is possible in 99% of cases– even if you have a low credit score, or no credit history. Most credit report issues aren’t a problem, with the exception of open bankruptcies and late child support payments.
Even though your premium may increase slightly– up to 10%– you don’t have to look for a cosigner or post collateral. What’s more, you can take steps to improve your premium by providing additional information. Our surety experts can help you with strengthening your application. Through our partnerships with numerous A-rated and T-listed companies, we can shop for the lowest rate for you.
You can learn more about our Bad Credit Program here.
Start Your Application for a Florida Telemarketing Bond
Click on the banner below to start your application. It’s only a single page and takes a few minutes to complete. Once it’s submitted, one of our agents will get in touch with you and help you complete the rest of the paperwork. You’ll be required to sign an indemnity agreement with the bonding company and might need to provide some extra documentation.
Within two business days your bond should be ready and on its way to you via mail. You can also request copies via fax or email.
To get a better idea of what information is required on the form, you can have a look at it here:
What Telemarketers Should Know About Claims
In order to avoid costly claims against your business, you need to understand the Florida Telemarketing Act and how its provisions apply to you.
As part of your licensing requirements, you need to provide the FDACS with a full list of phone numbers you and your salespeople (if any) are going to use. When calling, you must always identify yourself with first and last name, and state the name of the business entity you represent.
Other common violations for telemarketers in Florida include:
- Calling people who are on the DNC list.
- Failing to provide a written contract
- Blocking caller ID
Getting a Florida Telemarketing License
Posting a surety bond is just one of the steps to obtaining a telemarketing license in Florida. If you want to learn more, whether you are looking for an individual or a company license, you can use our guide as reference.
As always, for any questions, you can contact us at (866)-450-3412.