how much does a surety bond cost?

> > How Much does a Surety Bond Cost?

Well, it depends . . .

There are thousands of types of surety bonds.

We need to narrow things down to give you a proper answer . . .

What Will Affect the Costs?

General guidelines affecting Surety Bond cost include:

• Type of Bond• Experience in the Industry• Credit History

Looking for a Bail Bond?

“Bail Bonds” – surety bond related to a criminal legal incident

Not what we do at SuretyBonds.com.

You will pay a set fee to a bail bond company, and may have to post collateral.

Need a Bail Bond?

Try a search for your local area + “Bail Bonds Company”.

Small Businesses Owners

Again, the cost of your surety bond will depend:

• Type of Bond• Location• Credit History

Why Does Credit History Matter?

This is a game of risk mitigation.

Commercial Surety Bonds

-Mortgage Brokers -Tax Collectors-Insurance Brokers -Notaries-Car Dealerships -Collection Agencies-Medical Providers -General Contractors-Travel Agents -and more . . . -Home Cleaners-Janitors

Common Premium Costs

Most commercial bonds will carry a premium cost of 1% up to 15%.

If you’re getting a $50,000 bond, you’ll pay anywhere from $500 to $7,500.

Why the Large Gap in Costs?

There are two different markets:1. Standard2. High-Risk

“Standard” is cheaper.

I want to be “Standard” then!

To qualify for Standard premiums, you’ll need to meet some criteria.

Been in Business > 1 year.Credit score > 650.No prior surety bond claims.3+ years experience in your industry.Personal net worth 1-3x the bond amount.

Non-Standard or “High Risk”

You can still obtain a surety bond if you do not meet the “Standard” criteria.

Have no prior surety bond claims.Are a US Citizen.

Our Takeaways

Talk to a Bonding Agency, like SuretyBonds.om

Price will vary greatly based on situation.

Standard and Non-Standard surety bonds are available.

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Produced by the SuretyBonds.com Education Center