Washington Surety Bond Types
The exact purpose of a Washington surety bond depends on the specific bond type and how it functions. Bonds generally provide protection for businesses, consumers or government entities by ensuring financial security. There are numerous types of surety bonds in Washington, but understanding the bonding process-as well as the legal requirements for your industry-can help make the process go much more smoothly. While obtaining a surety bond in Washington 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 Washington?
Government entities require individuals or businesses to secure surety bonds in order to protect consumers (or themselves) from misconduct. For example, construction companies and auto dealerships are two major industries in Washington that must adhere to many different bonding requirements to ensure they conduct business in an ethical manner. Consumers appreciate doing business with bonded individuals and businesses because they know that a surety bond protects their financial investments. This provides them with the confidence to do business with you now and in the future.
How much do Washington surety bonds cost?
Washington surety bond rates and premiums fluctuate depending on a number of variables, such as the type of bond being issued and the principal's financial strength. However, 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 bond will cost more as the surety takes a greater risk guaranteeing the principal. A poor credit history will require the principal to find a surety bond agency like Surety Bonds.com that issues these non-standard, or bad credit bonds to high-risk clients.
How do you get a bond in Washington?
If you already know the specific Washington 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-they can help you find the bond you need.
If you're not sure which Washington surety bond you need, first check to see if there are bonding regulations for your industry set by the government. Many professionals-from auctioneers to mortgage brokers to contractors-are required to secure a surety bond before being issued a business license in Washington. Regulations about Washington license bonds are usually easy to find on the state's department of licensing website. 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. Providing the required information online takes only a few minutes, and and turnaround time varies by bond type.