Surety Bonds
Insurance
Surety bonds are not technically "insurance" in the traditional sense, but they are a critical financial guarantee often managed through your insurance agency. A bond is a three-party agreement where the Surety (the insurance company) guarantees to the Obligee (the person requiring the bond, like a government entity) that the Principal (you) will perform a task or follow a law. It is vital because it acts as a "seal of approval," providing financial recourse if a contract isn't fulfilled or if a business fails to follow state regulations. For professionals, having the right bond is often the final hurdle to obtaining a professional license or winning a major project bid.
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Important Questions
How is a bond different from a traditional insurance policy?
In a traditional insurance policy, the company pays for your losses. In a surety bond, the company pays the other party if you fail to meet an obligation. Furthermore, while insurance expects losses to occur, bonds are underwritten with the expectation of zero loss. If the surety pays out a claim on your bond, you are legally required to pay them back in full.
What is a "License and Permit Bond"?
This is the most common type for small businesses. Many cities and states require these before you can legally operate. Common examples include:
Auto Dealer Bonds
Contractor License Bonds
Mortgage Broker Bonds (critical for your multi-licensed background!)
Notary Bonds
What are "Contract Bonds" (Bid and Performance)?
If you are a contractor bidding on public or large private projects, you will likely need these. A Bid Bond guarantees you'll take the job if you win the bid, and a Performance Bond ensures the project is actually completed according to the contract specs.
How much does a surety bond cost?
The "premium" for a bond is typically a small percentage of the total bond amount—usually between 1% and 3% for those with good credit. For example, a $10,000 bond might only cost you $100 to $200 per year. If your credit is less than perfect, the percentage may be higher, but you can still usually obtain the bond.
What happens if a claim is filed against my bond?
The surety company will investigate the claim. If they determine you failed to meet your obligation, they will pay the claimant. However, unlike insurance, you must then indemnify the surety, meaning you must reimburse them for every dollar they paid out, including legal fees.
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𝐒𝐄𝐆𝐔𝐑𝐎 𝐈𝐍𝐒𝐔𝐑𝐀𝐍𝐂𝐄
𝐄𝐚𝐠𝐥𝐞 𝐌𝐨𝐮𝐧𝐭𝐚𝐢𝐧, 𝐔𝐓, 84005
𝐋𝐢𝐜𝐞𝐧𝐬𝐞𝐝 𝐏&𝐂, 𝐇𝐞𝐚𝐥𝐭𝐡, 𝐋𝐢𝐟𝐞
𝐀𝐧𝐝𝐫𝐞𝐰 𝐏𝐞𝐡𝐫𝐬𝐨𝐧 𝐍𝐏𝐍: 20406772 | 𝐔𝐓: 944502 𝐀𝐙: 20406772
𝐒𝐞𝐠𝐮𝐫𝐨 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐍𝐏𝐍: 22132094 | 𝐔𝐓: 1108981 𝐀𝐙: 3004158989
𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐃𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞: 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐬 𝐚𝐫𝐞 𝐨𝐟𝐟𝐞𝐫𝐞𝐝 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐒𝐞𝐠𝐮𝐫𝐨 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 (𝐍𝐏𝐍: 22132094). 𝐋𝐢𝐜𝐞𝐧𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐭𝐚𝐭𝐞 𝐨𝐟 𝐔𝐭𝐚𝐡 (𝐋𝐢𝐜𝐞𝐧𝐬𝐞: 1108981). 𝐍𝐨𝐭 𝐚𝐥𝐥 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬 𝐨𝐫 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐬 𝐚𝐫𝐞 𝐚𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐢𝐧 𝐚𝐥𝐥 𝐬𝐭𝐚𝐭𝐞𝐬. 𝐀𝐧𝐝𝐫𝐞𝐰 𝐏𝐞𝐡𝐫𝐬𝐨𝐧 (𝐍𝐏𝐍: 20406772). 𝐀𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐋𝐢𝐜𝐞𝐧𝐬𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬: 𝐀𝐙
𝐃𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞: 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐭 𝐋𝐋𝐂 𝐢𝐬 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐜𝐨𝐧𝐬𝐮𝐥𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐟𝐢𝐫𝐦. 𝐖𝐞 𝐚𝐫𝐞 𝐧𝐨𝐭 𝐚 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫𝐞𝐝 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐬𝐨𝐫, 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦, 𝐨𝐫 𝐂𝐏𝐀 𝐟𝐢𝐫𝐦. 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐧𝐨𝐭 𝐭𝐚𝐱 𝐨𝐫 𝐥𝐞𝐠𝐚𝐥 𝐚𝐝𝐯𝐢𝐜𝐞. 𝐓𝐡𝐞 𝐈𝐧𝐟𝐢𝐧𝐢𝐭𝐞 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐜𝐨𝐧𝐜𝐞𝐩𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐮𝐭𝐢𝐥𝐢𝐳𝐢𝐧𝐠 𝐖𝐡𝐨𝐥𝐞 𝐋𝐢𝐟𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞; 𝐢𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐚 𝐭𝐫𝐚𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐜𝐡𝐞𝐜𝐤𝐢𝐧𝐠 𝐨𝐫 𝐬𝐚𝐯𝐢𝐧𝐠𝐬 𝐚𝐜𝐜𝐨𝐮𝐧𝐭. 𝐀𝐥𝐥 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐢𝐧𝐯𝐨𝐥𝐯𝐞 𝐫𝐢𝐬𝐤. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬. 𝐏𝐨𝐥𝐢𝐜𝐲 𝐥𝐨𝐚𝐧𝐬 𝐚𝐜𝐜𝐫𝐮𝐞 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭. 𝐋𝐨𝐚𝐧𝐬 𝐚𝐧𝐝 𝐰𝐢𝐭𝐡𝐝𝐫𝐚𝐰𝐚𝐥𝐬 𝐫𝐞𝐝𝐮𝐜𝐞 𝐭𝐡𝐞 𝐝𝐞𝐚𝐭𝐡 𝐛𝐞𝐧𝐞𝐟𝐢𝐭 𝐚𝐧𝐝 𝐜𝐚𝐬𝐡 𝐯𝐚𝐥𝐮𝐞. 𝐓𝐡𝐞 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐝𝐞𝐩𝐞𝐧𝐝𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐮𝐧𝐝𝐞𝐫𝐥𝐲𝐢𝐧𝐠 𝐩𝐨𝐥𝐢𝐜𝐲.
𝐒𝐌𝐒 𝐂𝐨𝐧𝐬𝐞𝐧𝐭: 𝐁𝐲 𝐩𝐫𝐨𝐯𝐢𝐝𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐩𝐡𝐨𝐧𝐞 𝐧𝐮𝐦𝐛𝐞𝐫, 𝐲𝐨𝐮 𝐚𝐠𝐫𝐞𝐞 𝐭𝐨 𝐫𝐞𝐜𝐞𝐢𝐯𝐞 𝐒𝐌𝐒 𝐦𝐞𝐬𝐬𝐚𝐠𝐞𝐬 𝐟𝐫𝐨𝐦 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐭 𝐋𝐋𝐂 𝐫𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐚𝐩𝐩𝐨𝐢𝐧𝐭𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐦𝐚𝐫𝐤𝐞𝐭𝐢𝐧𝐠. 𝐌𝐞𝐬𝐬𝐚𝐠𝐞/𝐝𝐚𝐭𝐚 𝐫𝐚𝐭𝐞𝐬 𝐚𝐩𝐩𝐥𝐲. 𝐓𝐞𝐱𝐭 𝐒𝐓𝐎𝐏 𝐭𝐨 𝐨𝐩𝐭-𝐨𝐮𝐭. 𝐒𝐞𝐞 𝐨𝐮𝐫 𝐏𝐫𝐢𝐯𝐚𝐜𝐲 𝐏𝐨𝐥𝐢𝐜𝐲 𝐚𝐧𝐝 𝐓𝐞𝐫𝐦𝐬 𝐨𝐟 𝐔𝐬𝐞.
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