A surety bond is a unique type of insurance policy because it does not protect you. The surety bond is purchased by you for the protection of somebody else:
Surety bonds are a unique requirement, but they're a necessary piece of a legal agreement.
The reason surety bonds exist is to cut down on purposeful fraud. And this is why you have to purchase one.
When you purchase a surety bond you're stating you will follow the laws and not purposefully harm your customers or a third party.
Looking at examples will help.
When you're getting a Federal, state, or local license, the licensing agency wants to make sure you won't accept customers and then:
The licensing agency makes you buy a surety bond as the only tool they have to hold you accountable.
Common examples include:
A lot of businesses collect "additional" taxes above normal sales tax. The most common examples are businesses selling:
To make sure these businesses collect and pay the correct amount of taxes, the state will require a tax surety bond.
In most cases these surety bonds only are required for a few years and examples include:
In a scenario where an individual is assuming a guardianship role in a minors life, the court may require a surety bond.
This guardianship bond ensures the financial inheritance of the minor is protected until they are 18 years of age.
Just to recap, a surety bond does not protect you.
You are required by law to purchase a surety bond as your guarantee to faithfully uphold your professional promises.
To put it bluntly, to ensure you won't commit fraud against your customers, a state agency or somebody depending on you.
When you're ready to find your bond, learn how to purchase a surety bond.
You can get pricing for the surety bond you need today. Click the button below. You need to know the amount of your bond.
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
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