Florida Surety Bond Types

Florida surety bonds offer a wide array of protection that varies with the specific bond type and its purpose. Bonds generally provide protection for businesses, consumers, or government entities by ensuring financial security. There are numerous types of surety bonds in Florida, so understanding the bonding process can make the process easier. While getting bonded in Florida might seem complicated or confusing at first, a little research could go a long way in protecting your investments–and we're here to help.

Why do you need a surety bond in Florida?

Oftentimes the government will require individuals or businesses to secure surety bonds to protect consumers (or themselves) from misconduct. For example, construction companies and collection agencies are two major industries in Florida that must adhere to many different bonding requirements. However, if the principal that filed is accused of misconduct, then the obligee can make a claim on the bond. If the claim is proven to be valid, then the surety company compensates the wronged obligee for damages in some way.

Unlike an insurance policy that covers predictable financial losses, a bond's purpose is to prevent unethical business practices–or else hold somebody accountable for financial retribution. Consumers appreciate doing business with bonded individuals and businesses because they know that a surety bond financially guarantees their investments.

How much do Florida surety bonds cost?

Surety bond rates and premiums in Florida vary due to a number of factors, including the specific bond being issued and the principal's financial strength. Surety bonds generally cost from 1 to 3 percent of the bond's total value. So if the desired bond amount is $10,000, an average principal with a good credit report would pay a $100 to $300 fee to get the bond. The bond will cost more if the principal's financial record has negative marks because the surety takes a greater risk in backing the principal's work. A poor credit history means the principal will need a surety bond agency like Surety Bonds.com to issue a non-standard (or bad credit) bond.

How do you get a bond in Florida?

If you already know the specific Florida surety bond that you need, try browsing our archives below to see if we currently have your form on file. If you don’t see the exact form you need, try contacting one of our friendly surety bond specialists to help you find the bond you need.

If you’re not sure which Florida surety bond you need, look for bonding regulations that pertain your industry. Many professionals–from mortgage brokers to contractors to car dealers–are required to secure a surety bond before they get a business license in Florida. Regulations about Florida bonds are usually easy to find on the state's department of licensing website, as well as other sites maintained by the state.

Your Florida Surety Bond Agency

For other bond types, try browsing our site to see what sort of information we offer on other areas of bonding. And of course feel free to contact a friendly surety bond specialist if you need help determining which type of bond best fits your needs.

Whether you're required to secure a surety bond or just want some extra protection, applying for a bond is a quick and easy process. If you have a good credit report and financial history, you can usually get a price quote back quickly. Bonding yourself or your business is an easy and beneficial investment that provides thorough protection, and we hope to make your bonding experience go as smoothly as possible.