Florida Surety Bond Types
Many government agencies in Florida require individuals to purchase surety bonds before they can manage a business or provide a service to consumers. Even though Florida laws require so many people to be bonded, they often have a limited understanding of what surety bonds are and how they work. At SuretyBonds.com, we believe the bonding process is easier when clients understand what they're getting. So, we're here to answer any questions you might have about getting a surety bond in Florida.
How do Florida surety bonds work?
Generally speaking, Florida surety bonds protect businesses, consumers and/or government entities from those who might take advantage of their professional positions. The specific protection provided by a Florida surety bond will vary depending on the specific bond type and its legal language.
No matter the specific form it's issued on, though, every Florida surety bond functions as a legally binding contract that brings three entities together.
- The obligee requires the bond to guarantee compliance with industry regulations.
- The principal buys the bond as a way to guarantee future work performance.
- The surety sells the bond and provides a financial guarantee of the principal's ability to meet the bond's terms.
If a principal should fail to meet the bond's terms, harmed parties can collect reparation by making a claim on the bond. The bond's legal language typically requires the principal to pay for any claims made, but the surety could be left footing the bill if the principal cannot do so.
How much do Florida surety bonds cost?
SuretyBonds.com can issue Florida surety bonds to 99% of applicants regardless of their credit and other financial credentials. Our surety specialists are brokers who work with a number of underwriting firms, which gives our clients access to some of the best Florida surety bond premiums. Because we work with so many markets, we'll be able to find you a competitive surety bond rate.
Florida surety bond costs are based on a number of factors, including the specific bond type and the principal's financial strength. When an applicant has strong financial credentials, a Florida surety bond premium is typically calculated as 1 to 3 percent of the bond amount. So, if the desired bond amount is $10,000, an applicant with good credit usually pays a $100 to $300 premium.
To ensure all applicants get great rates, our specialists also work with underwriting firms that specialize in issuing bad credit and nonstandard Florida surety bonds. We believe every client should have access to the bond they need, so our surety specialists work hard to place every Florida surety bond at the lowest rate we can find. Qualified applicants can also finance their surety bond premium into five smaller, more manageable payments.
How do you get a bond in Florida?
Getting a Florida surety bond is quick and easy. To apply for a bond, you can contact a surety specialist immediately by calling 1 (800) 308-4358 Monday through Friday between 8 a.m. and 7 p.m. CST. You may also fill out our short online form 24/7, and a surety specialist will contact you as soon as possible.
After you submit an application, your surety specialist will work with multiple underwriters to determine rates for the Florida surety bond you need. You'll get the lowest price quote back within one business day. As soon as you approve the price quote, your specialist will issue the bond. Once the bond has been issued, you'll immediately receive a copy of the bond via e-mail, and then you'll receive the original bond form via post. If you're in a hurry, you can choose our overnight shipping option and have the bond in your hands the day after it's issued.
Why choose SuretyBonds.com as your Florida surety bond provider?
Because we pride ourselves on customer service, our surety specialists work to save our clients time and money when they need to get surety bonds in Florida. As such, SuretyBonds.com works to ensure every applicant gets a fair premium. Working with SuretyBonds.com alleviates the stress that can come along with getting a Florida surety bond through other providers.
Who needs a surety bond in Florida?
Countless professionals — from mortgage brokers to contractors to auto dealers — are required to secure a surety bond before they get a business license in Florida. If you're not sure whether you need a Florida surety bond, review licensing regulations for your industry. The state's licensing website and other departmental sites typically outline industry regulations, including Florida surety bond requirements.