Missouri Surety Bond Types
Surety bonds protect consumers in Missouri by financially guaranteeing the work of individuals and businesses in the state. Missouri surety bonds offer different kinds of protection to individuals and businesses depending on the specific bond type and its objectives. While understanding the bonding process in Missouri might seem complicated or confusing at first, a little research could go a long way in protecting your investments.
How much will I pay for a bond in Missouri?
Missouri surety bond rates and premiums vary due to a number of factors, including the principal’s credit history and the type of bond being issued, among other determinants that a surety company might consider. Surety bonds usually cost between 1 and 3 percent of the bond’s face value. For instance, if the desired bond amount is $10,000, the bond would probably cost from $100 to $300 for a typical principal with a good credit report. However, the cost of the bond will be higher if the principal’s financial history has negative marks, as the surety will be taking a greater risk in backing the principal’s work. If a principal has a poor credit history then he or she will need to find surety bond agency like Surety Bonds.com that issues non-standard (or bad credit) bonds to high-risk clients.
How can I get a bond in Missouri?
If you know the specific Missouri surety bond that you need, try browsing our archive below to see if we have it on file. If you don’t see the particular form you need, contact one of our friendly surety bond specialists to help you find the form you need.
If you’re not sure which Missouri surety bond will fulfill your needs, check to see if your state or local government has established bonding rules or regulations for your industry. For example contractors, residential mortgage brokers, and medical equipment manufacturers/suppliers in Missouri should be bonded to protect the clients they work with. The state’s department of licensing website usually provides information about bonding rules and regulations to help clarify the process.
Your Missouri surety bond agency
For more information on these and other bond types, try browsing our site to learn more about alternative bond types and how they work. As always, contact a friendly surety bond specialist if you need assistance at any point throughout the process.
Once you understand the process, applying for a bond can be done online in a matter of minutes. You can usually get a price quote back quickly, depending on your credit report and other aspects of your financial background. In the end, obtaining the right surety bond for you or your business is an easy and worthwhile investment that can protect most any business.