How Much of Surety Bonds Do You Pay?
Unfortunately, this is not a question that we can easily answer. If you are one of our Bond clients, we can review your bond to inform you on “how much of a surety bond you pay.” We work with some of the nations top-bonding agencies, such as The Hartford, Travelers, Nationwide, and more. No matter what type of bond you are going for, we have access to carriers that can help you achieve your business goals. Bonding is not expensive, when you look at the importance of getting bonded. You see…when you are bonded, people want to conduct business with you. Prospective clients view you as a trustworthy person to work with. When people are looking to partner with someone, whether they need a general contractor, auctioneer company, or Insurance brokerage, they don’t want to conduct businesses with a entity that is not bonded and insured. Bonding is much less expensive compared to insurance. [learn more about the difference between insurance and bonding].
How Much do Bonds Cost?
Unfortunately, this is not a question that we can easily answer. If you are one of our clients, we can review your bond to inform you on “how much of a surety bond you pay.” We work with some of the nations top-bonding agencies, such as The Hartford, Travelers, Nationwide, and more.
The majority of bond types factor information such as…
- Credit history
- Type of Bonds (licensing, fiduciary, bid, performance, tax, public official, ect…)
- The Bond Amount
- The State you are Bond in
- When you work with us to get your entity bonded, credit histroy is not much of a factor. Yes, it can affect rates, but we have programs to help you get bonded even if your credit is damaged. It does not affect the cost of the surety bond for all types. There are too many kinds of bonds to list, so please give us a call, and we can answer any questions you may have.
What is a surety bond?
A bond is defined as a contract among at least three parties. The first being the obligee, who is defined as the party who is the recipient of an obligation. Next, you have the principal, who is the party that must fully perform the obligations of the contract. Finally, you have the surety, and their role is to assures the obligee that the principal can successfully handle, and complete what is being asked to do in the surety. There are several different types of bonds, and we have access (to the carriers) and experience to properly service all your surety needs, nationwide. No matter how large, or small, we have the perfect bonding solution for you!
If you are not a current client, and would like us to make sure you and your business is properly bonded, feel free to call us at (800) 863-3210 today. At NFP Surety, we have been the industry’s leading surety bond company since 1984. Our teams of experienced bonding agents are eager to help you.