Commercial Surety Bonds
Commercial surety bonds cover a wide variety of surety obligations. This category includes everything from non-sticks and bricks construction such as large commercial contracts to court bonds.
Get The Bonds You Need
We have longstanding access to some of the nation’s best carriers and underwriters which will allow us to obtain the most competitive terms on all bonds, even those most difficult to obtain. Surety Bond Professional provides commercial bonds including:
- License Bonds
- Permit Bonds
- Lost Instrument Bonds
- Money Transmitter Bonds
- A variety of other bonds and solutions
To get the quickest and most competitive terms on these bonds, get in touch with us today!
Learn More
Learn more about Commercial Surety Bonds, or contact our experienced surety agents for assistance with any questions you may have.
A commercial bond guarantees that the principal follows local statutes and laws. Commercial bonds are a general classification of bonds. Therefore, they play an essential role in supporting a business or professional in obtaining a license or permit. Yet, there are several types of surety bonds.
A government agency (including federal, state or local), usually requires that a business apply for a commercial bond. Also, it is important to know, that a commercial bond must be renewed every year, for the initial term. Finally, a bond may need a specified expiration date and alignment with the calendar year.
Commercial bonds play a crucial role for protecting the public. This is because government agencies need these bonds to keep the public safe from consumer fraud, failure to complete a project or unethical practices.
Here are some common examples of these bonds:
- License and permit bonds
- Public official bonds
- Probate and other court bonds
- Liquor bonds
- Lottery bonds
- Mortgage broker bonds
- Title bonds
- Warehouse bonds
Commercial surety bonds are available in a wide variety of specialties. Although there are many bond types, almost all business owners are required to be bonded. This helps to ensure that they operate in conjunction with the state’s guidelines and laws.
In authorizing a solar power performance bond, the surety is agreeing to extend credit to the principal to cover the cost of a claim if the principal is unable to pay it immediately. That carries the risk of not being repaid by the principal and having to take legal action to secure repayment.
Consequently, the premium rate a given solar contractor will pay depends largely on how creditworthy the underwriters find the principal to be. The biggest factor is the principal’s personal credit score. With good credit, the principal should be eligible for a premium rate that’s in the range of 1-3% of the bond amount. The annual premium for a solar power performance bond is calculated by multiplying the required bond amount by that percentage.
How Do I Apply?
Whether searching for a bond premium quote or ready to buy a bond, the most convenient way to get started with the bonding process is to look for a professional bond service provider and complete their online application. Then, the underwriter can provide the lowest quote.
Surety Bond Professionals offers a convenient online quote system. Apply today!