Illinois Surety Bond Types
What Surety Bond is Right for you?
You need a surety bond, but what kind of bond do you need? With over 25,000 bond types getting the right bond can be a tough task. If you don't see your bond here that doesn't mean we can't help you.
The protection offered by surety bonds in Illinois varies depending on the specific bond type and how it functions. Simply put, each bond offers protection to either a businesses, government entity or group of consumers through the use of a financial guarantee. While securing a surety bond in Illinois might seem complicated or confusing at first, a little research could go a long way in protecting your investments.
How much do Illinois surety bonds cost?
Illinois surety bond rates and premiums vary depending on a number of factors, such as the principal's credit history and the specific bond being issued. With this said, surety bonds generally cost between 1 and 3 percent of the bond's total value. So, if the bond amount is $10,000, an average principal with a good credit report would pay a $100 to $300 fee to secure the bond. If the principal's financial history has negative marks, the cost of the bond will be higher because the surety takes a greater risk in guaranteeing the principal's performance. A poor financial history will require the principal to work with a surety bond agency, such as Surety Bonds.com, that issues non-standard–or bad credit bonds–to high-risk clients.
How do you get a bond in Illinois?
If you already know which Illinois surety bond you need, try browsing our collection below to see if we have the form that you're looking for on file. If you don’t see the exact one you need, try contacting one of our friendly surety bond specialists–they can help you find the form you need.
If you're not sure what type of Illinois surety bond will fulfill your needs, try checking if bonding rules or regulations have been established for your industry by either your state or local government. Many professionals–from notaries to contractors–are required to become bonded before they are issued a business license in Illinois. The state's department of licensing website usually provides information about the rules and regulations of the bonding process. For other bond types, try exploring 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 any help along the way.
Once you know what you're looking for, you can apply for a bond online in a matter of minutes and get a price quote back quickly, depending on your credit report and other financial history. Finding the surety bond that is right for you and your business is both easy and worthwhile. Securing a surety bond is an obvious choice to protect most any business.