South Carolina Surety Bonds Overview
Regardless of the type of South Carolina surety bond you need, you can count on Bryant Surety Bonds and our team of surety experts.
We offer the lowest possible rates in the state, and even have options for applicants with bad credit. Our confidence comes from our established partnerships– we only work with A-rated and T-listed surety bond companies.
In the table below you’ll find all South Carolina surety bonds, listed in alphabetical order. Beside each of them, you have the option to apply online.
Scroll further down if you want to learn more about surety bonds in the state. If you’re still new to the concept of surety bonds, we advise you to learn more about them on our “What is a Surety Bond?” page.
Types of Surety Bonds in South Carolina
Bonds can be confusing, because there are many different types of surety bonds and they serve different purposes. Generally, surety bonds are divided into the following three categories:
- License bonds - if you are registering your business in South Carolina, you may be required to post a license bond to guarantee that you comply with local or state regulations. License bonds also protect your customers in case you commit fraud.
- Construction bonds - if you’re a contractor working on a project in South Carolina, oftentimes you will have to post several types of construction bonds. In a few cases, private projects may call for them too.
- Court bonds - a South Carolina court may order you to get a court bond under several different circumstances.
Bryant Surety Bonds can help you regardless of the bond type you need. Below we explain more about each bond category.
South Carolina License Bonds
License bonds guarantee compliance with regulations pertaining to your business. A license bond is an integral part of the licensing process, and usually, your license is not valid without the bond. In most cases, the surety bond needs to be renewed together with the business license.
One business type that almost always requires a bond are auto dealerships, and South Carolina is no exception. Licensed dealers need to post a South Carolina auto dealer bond, which protects car buyers in case they buy a defective car or are defrauded in some way.
South Carolina Construction Bonds
This is an important category of surety bonds for all construction contracts. Large public projects often require construction bonds, as a way to safeguard the state’s investment from contractor default or breach of contract. Different types of construction bonds protect against different scenarios.
Performance bonds, for example, can be triggered in case of contractor default, or any breach of the terms of the contract. Payment bonds offer protection in case a contractor doesn’t pay their subcontractors, laborers, or suppliers. A bid bond may be necessary when placing a bid on the project, to make sure that the contract will be completed under the conditions you described in the bid, if you are awarded the contract.
South Carolina Court Bonds
This is the smallest of the three categories of bonds. A scenario that may warrant a court bond is if you are appealing a court judgement made by a state court. If a court has appointed you someone’s fiduciary or guardian, another type of court bond may be necessary.
If you have any more questions about either bond category, call our surety bonds experts at (866) 450-3412.
Surety Bond Cost in South Carolina
We created a surety bond price calculator, where you can get a quick estimate of your bond price. It’s always useful to understand exactly how pricing works though and you can find this information below.
Surety Bond Cost Calculator
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Each South Carolina surety bond has a total bond amount set by the state or a local government. The total bond amount is the sum up to which a business may be made liable in case they violate the bond agreement. Let’s take the auto dealer bond as an example. If a South Carolina auto dealer commits fraud, the $30,000 sum on their dealer bond means that they may have to compensate a claimant up to $30,000 in case of a valid claim.
However, to obtain a surety bond, the principal of the bond pays only a bond premium, which is a certain percentage of the bond amount. The surety underwriter guarantees that the principal is capable of paying off any potential claim. It’s important to understand that the surety assumes a risk, because even though you are eventually responsible for all claims, the surety is also legally responsible for your actions and may need to initially step in pay off your claim.
If you have good credit, and do not pose a serious risk to the surety’s finances, you can expect premiums as low as 1% and up to 4% of the bond amount. This risk is mostly measured through an evaluation of your personal credit score. Other factors that can also be weighed in are:
- Personal and business financial statements
- Liquid assets
As you can guess, a low credit score will cause the surety to consider you a high-risk applicant. This will likely increase premiums to anywhere between 5% and 15% of the total bond amount.
Bryant Surety Bonds’ experts can help you get bonded despite your bad credit, and even negotiate a lower premium on your behalf. Our Bad Credit Program was designed with such applicants in mind.
Get even more detailed information on what you can expect to pay for a South Carolina surety bond on our Surety Bond Cost page.
How to Get Bonded in South Carolina
Now that you have all the facts related to South Carolina surety bonds, all that’s left to learn is how to apply for one. Bryant Surety Bonds has a user-friendly online application that will take you through the whole process in just a few minutes.
You start by submitting a few basic details about your company, after which we will contact you with a bond quote. We’ll need a few documents in order to submit your application to the bond underwriter. When your bond is ready, you’ll receive the original copy of the bond by post. Copies are also available through email or fax.
As always, give us a call at (866) 450-3412 and we’ll gladly help you.