Surety Bond Wisconsin
If you are applying for a surety in the state of Wisconsin, you may find it useful to explore Wisconsin surety bonds in general. People purchase this type of bond for a vast assortment of purposes. Basically, however, a sureties are a type of insurance. Regardless of the specific purpose for which a person or business needs a surety, the end result is that the bond will protect an individual, company, or public institution from potential financial loss.
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Many kinds of Wisconsin surety bonds are available. The type you might require will depend upon your specific circumstances. If you are not familiar with bonds, you may find it helpful to first research the topic a bit. Use the information provided below as a starting point and overview of Wisconsin surety bonds.
Bonds: The Fundamentals
Before you begin exploring surety bonds Wisconsin, you need to know what a surety is, exactly. This is not the same type of bond that you might buy as an investment. That kind of bond is known as a financial bond, and it is a completely different sort of bond than a bond.
A bond is a contract, and typically, three parties are involved with such a contract. The first party is the surety, which is the brokerage that supplies the bond. The second party is the principal, which is the business or individual applying for and purchasing the bond. The third party is the entity or individual requiring the principal to get the bond. This third party is known as an obligee. The bond is used to insure the obligee, in the event that the obligee suffers a financial loss because of negligence or wrongdoing on the part of the principal.
Bonded in Wisconsin
Now that you have a basic sense of what a bond is, you will have a better understanding when exploring a Wisconsin surety bond. The following are some of the bonds that people or businesses in the state of Wisconsin may be required to obtain.
Some of the most common bonds are purchased by professionals and businesses. A business or professional might need a bond to remain compliant with industry standards, as well as to provide insurance against loss to clients, vendors, contractors, employees, or an employer.
Agriculture Dealer Sureties
This type of surety falls under the category of license and permit bonds. The principal buying this surety would be an individual or business that buys, receives, or handles agricultural products from the people or businesses that produce them. The relevant agricultural products could be vegetables, fruit, grain, hay, or livestock, for example. In many cases, such a bond is required by various governmental jurisdictions. The bond guarantees that the involved agricultural producer will receive accurate and legal payment and accounting from the dealer.
Distilled Spirits Bond
This might be referred to by a variety of names, including liquor tax bond, alcohol ordinance tax bond, or alcohol tax bond. The federal or state government would be the obligee that requires this bond. The purpose is to protect the government from sales records that have been falsified, as well as the principal’s inability to pay the fines, fees, or taxes incurred from previous sales.
Business Service Sureties
A business service surety protects clients from theft or fraud. It also instills confidence in clients, who might otherwise feel unsure about whether they will be treated fairly and ethically by a business. Thus, getting a business service surety can benefit both a business and its clients.
Industries – Required to be Bonded in Wisconsin
These are some of the types of businesses that may find it wise to purchase a business bond:
- Carpet Cleaning Companies – Many potential customers may be hesitant about having carpet cleaners come into their homes, especially if they have previously had bad experiences. Should a carpet cleaner steal or harm property while in a client’s home, the bond would protect the client from the resultant financial loss.
- Roofers: Getting a new roof is a major investment. A roofing company could put potential customers at ease by getting bonded. If any damage to the home occurs as a result of a roofing job, the customer would not need to be concerned about reimbursement.
- Pest Control Services: Those who provide pest control services could potentially cause damage to various areas of the home. By purchasing a bond, a pest control company can provide reassurance to prospective customers in case damage is done, or if a theft is perpetrated by an employee.
- Locksmiths: Locksmiths must be particularly vigilant about their reputations. A locksmith must be trustworthy and dependable, since the job involves entry into homes, businesses, and vehicles. One way to provide added peace of mind to customers is to obtain a business bond. This kind of bond will serve as insurance against theft on the part of a locksmith, as well as damage to an existing lock or other property relevant to the circumstances.
- Door and Window Companies: Like locksmiths, door and window companies deal with points of entry. This means that they need to be reliable and ethical. A surety will protect a client in case a worker steals or inflicts damage to the client’s property while on a job.
Sureties are beneficial in countless situations. They are not limited to cases that involve business transactions, although such cases are very common reasons for being bonded. People in Wisconsin might also apply for appeals bonds in criminal cases, probate bonds if they are named as executors of estates, and a variety of other types of Wisconsin surety bond. If you live or work in Wisconsin and need a surety, you should discuss the details with a reputable surety. Call NFP Surety today, and let us show you how to get bonded in Wisconsin.
Surety by NFP provides affordable surety bond Wisconsin and fidelity bond insurance. Every bond is prepared on a specific WI bond form, as prescribed by the entity requiring the bonding (known as the Obligee).
Apply for your specific Wisconsin surety bonds now by completing our easy online application.
If you prefer, you may download an application to complete and fax or email to our bond agency for processing. Call us today to learn more about surety bond Wisconsin. We love to educate our clients about our easy bonding process.
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