New Business Surety Bond Program
A number of new business owners are unsure as to where to start in the process of obtaining a license, permit, or surety bond. That is why the surety specialists at SuretyBonds.com made this guide and the surety bond program for new business owners to understand the basics of the bonding and how to protect and operate their business legally.
Q&A: New Business Guide to Bonds
What is a surety bond?
In simple terms, a surety bond is a legally binding form that guarantees the person or business that purchases the bond will act in accordance with certain laws and contract terms. Surety bonds help new businesses win contracts by guaranteeing the work or service they promised their customers will be executed properly. Many public and private contracts require new businesses to obtain a surety bond, which are offered by surety companies like SuretyBonds.com. Read more here to go into more depth about how surety bonds work.
How much do bonds cost?
Because there is an extensive list of the different kinds of bonds available for a variety of businesses, there is no set price for a surety bond. There are, however, a number of factors that impact the cost a new business will pay for the bond they need. This includes but is not limited to: the amount of coverage needed, financial credentials of the principal and the surety company that issues the bond. In general, the cost (premium) of a bond will almost always be a small percentage of the bond amount.
How do I get bonded?
Before you get bonded, you have to have all relevant bonding information at hand. This includes your business address, credit score, and the type of bond you need. Once you have all neccessary information, you can enjoy fast and accurate bonding with the help of the surety specialists at SuretyBonds.com. To get bonded quickly and easily, follow these four easy steps:
- Apply. Simply fill out our online contact form and your account manager will contact you within 1 business day to walk you through the application process.
- Get your free price quote. Your account manager will shop your bond to find the best price. You’ll be provided with a free price quote without an obligation to buy.
- Pay for your bond. Your bond will be issued as soon as your payment is processed.
- Receive your bond. You’ll receive a copy of your bond via email and your original bond form will arrive in the mail according to your shipping preferences.
Its that easy. Contact us now to connect with a surety specialist who will walk you through the bonding process.
New Business Program Eligibility
Any new business owner is eligible to apply for the new business surety bond program. Part of the application process will include a question about how long you have been in business. Based on that, we will determine your eligibility for the program. A surety bond underwriter takes into account your experience in the industry as well as length of time in business which means new business owners must have a surety bond already. At this stage, undoing a bond is not possible, which is why we developed the new business surety bond program.
To apply to the New Business Program, just fill out the form above and a surety bond specialist will contact you to discuss your options. Be sure to note on the application form that you are a new business owner and we will automatically shop your rate through our special partnerships. It’s that easy!