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Brandon Baker
Brandon Baker

Buy A Surety Bond


Buy A Surety Bond

In many industries, obtaining a surety bond is a necessary but confusing part of the protocol. The fact is that surety bonds are good for business. They instill trust in your company, make it even more reputable and, in most situations, keep it compliant under the law or the governing body of your industry. Surety Bonds Direct is an excellent resource for anyone looking to obtain a surety bond, and we're particularly concerned with demystifying the process for first-time bond-buyers. Although there are some things you should understand before you start your surety bond hunt, the process is generally easier and more straightforward than you might expect, especially if you partner with a surety bond specialist like us.

There are a few key things to know before you enter the bond-shopping world, all of which will help ensure that you get the right bond from the right company at the right price. Here are 15 of the most important things you need to know before you buy a bond.

If you have any specific questions about buying the right surety bond, you can always reach out to us or request a quote. Our knowledgeable and licensed bond experts are here to help you every step of the way, from determining which type of surety bond you need to obtain to helping seal the deal at the best possible price.

A surety bond is a contract between three parties: the principal (the person applying for the bond), the surety (the company that issues the bond), and the obligee (the entity that requires the bond). The surety company will review the experience, licenses, and credit of both the business and the owner before they issue a bond.

Some surety bonds protect the public, not the principal. For example, a Notary Bond protects the public against negligence, misconduct, or other types of non-performance caused by a Notary Public either voluntarily or involuntarily. In a case where a Notary is at fault, the Notary Bond is a financial guarantee to reimburse the harmed party, up to the value of the Notary Bond.

While a surety bond covers the obligee against financial harm, it is not insurance. Insurance is a risk-management contract between two parties, the person or business being insured and the insurance company. An insurance policy guarantees that the insured or a third party will be compensated by the insurance company when a loss that is covered in the insurance contract occurs.

In simplest terms, surety bond costs are most often determined by multiplying the amount of coverage by the rate. For example, a $100,000 with a 1% rate will cost the principal $1,000. This $1,000 is called the premium.

Various types of professions need to have a bond on file with the Secretary of State. If you need a bond for filing with the Secretary of State, the bond form is listed on the Forms and Fees page with the corresponding descriptive title.

However, the Secretary of State's office cannot advise you as to whether or not your business must have a bond. If you need assistance in making that determination, and to ensure that all issues are considered and appropriately addressed, you should consult with a private attorney.

Currently, Job Listing Services require a separate bond for each location to be filed with the Secretary of State. All other businesses filing bonds with the Secretary of State are not required to file separate bonds.

You should contact your surety bond company to request a renewal or continuation of your surety bond. A renewal or continuation must be filed with the Secretary of State prior to the expiration of the current surety bond. If the renewal or continuation is not filed with the Secretary of State prior to the expiration of the current surety bond, a new surety bond and new qualification is required.

The Secretary of State does not issue licenses to an auctioneer or auction company. However, there is a requirement to have a $20,000 bond on file with the Secretary of State and the fee for filing that bond is $30.


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