Ohio has a long history as one of the nerve centers of the American industry, and it's still a great place to start a business. What's more, new businesses are taking advantage of low corporate taxes and the nation's 7th-largest state economy to create lasting economic growth in this heartland state.
Many Ohio businesses are required by the government to obtain Ohio surety bonds in order to protect their customers and clients. The five types of surety bonds we'll discuss in this article are all either required or recommended for Ohio businesses, and Surety Bonds Direct makes it faster and easier than anyone else to get the surety bond Ohio requires for your business.
Ohio Contractor License Bonds
While the state of Ohio does not require construction and maintenance contractors to obtain surety bonds for state licensure, as many other states do, every major city in Ohio and many smaller municipalities require contractor license surety bonds. Many local governments have a variety of surety bond requirements, so contractors should be sure to know each county and city's regulations in detail before applying for an Ohio contractor license.
Surety Bonds Direct offers all major Ohio contractor license surety bonds, including Cleveland contractor bonds, Columbus contractor bonds, Cincinnati contractor bonds, and many more. To find Ohio contractor bonds from smaller municipalities, just select "Contractor License Bond—Other City, County or Local Requirement" on our surety bond quote form and type in the specific surety bond you need. Ohio contractor surety bonds vary in bond amount and term, but most are one- or two-year bonds with a bond amount from $10,000 to $25,000.
Contractors who work on large projects or government projects will likely also need Ohio contract performance surety bonds to bid on those government or private contracts. These surety bonds vary widely in amount according to the type of bond and the value of the contract.
Ohio Freight Broker Bonds (BMC-84)
Before Ohio freight brokers begin arranging the transportation of cargo in America's manufacturing heartland, they first must obtain BMC-84 bonds as part of the process of completing their FMCSA freight broker registration.
BMC-84 surety bonds are a federal requirement, not a state requirement, so the bond specifications are the same in every state. A BMC-84 surety bond must cover a penalty sum of $75,000 and must be filed with the FMCSA. When you work with Surety Bonds Direct, our bond professionals will work with our wide network of surety professionals to find an affordable premium for your Ohio freight broker bond and file your paperwork with the FMCSA for free.
Ohio Motor Vehicle Dealer Bonds
It's important that vehicle buyers be able to trust the vehicle dealerships that they buy from. That's why Ohio requires motor vehicle dealers to obtain Ohio motor vehicle dealer surety bonds. Ohio motor vehicle dealer bonds guarantee that the dealership will maintain honest and transparent business practices.
Ohio motor vehicle dealer bonds must cover a penalty sum of $25,000 and have a term of one year. Ohio dealer surety bonds are available for a one-time instant purchase price of $250.00 from Surety Bonds Direct.
Ohio Lottery Sales Bond
Every year, millions of Ohioans play lottery games, buying tickets at their local supermarkets or corner stores. In order for a business to obtain its Ohio lottery license permitting the sale of lottery tickets, the business must first obtain an Ohio lottery sales surety bond that guarantees the business' compliance with the many rules and regulations of the Ohio Lottery Commission.
Ohio lottery sales bonds must have a $15,000 penalty sum. Surety Bonds Direct offers a free, no-obligation, two-minute price quote online for affordable premiums on Ohio lottery sales bonds.
Ohio Business Service Bonds
Unlike some other types of Ohio surety bonds, Ohio business service bonds aren't required by federal, state, or municipal governments, but these bonds can be an excellent investment in your reputation and customer satisfaction. Businesses such as Ohio cleaning services, Ohio child care services, and Ohio home health care services use business service bonds to guarantee that their employees will follow the law and protect the business's customers from theft.
Surety Bonds Direct offers business service bonds in penalty sums up to $250,000 and, for businesses with 25 or fewer employees, our service does not require a credit check. We also offer Ohio janitorial service bonds, designed specifically for residential and commercial cleaning services.