Wisconsin Surety Bond Types
Large businesses and small business owners alike choose to purchase surety bonds for a variety of different reasons. Some do it because it’s a requirement for the type of business they own or operate. Some do it to insure themselves in case something unexpected comes about and they need some extra back up to turn to. Others do it to reassure their customers that they’ve made the right decision by doing business with a company who not only has a reliable credit record but also cares about its customers enough to make an extra effort to protect them.
There are all kinds of surety bonds out there, and they are not only for insuring large business that has significant amounts of money to lose. Some insure individuals with nominal amounts to lose, possibly only $3,200. In Wisconsin non-resident entertainers are required to file either a surety bond or provide a cash deposit if entering into a contract with an employer that exceeds $3,200 in one year.
Your Wisconsin Surety Bond Company
One of many important surety bonds in Wisconsin includes form W-012, the “Nonresident Entertainer’s Surety Bond.” This bond, like other surety bonds, guarantees payment in case the principal fails to complete his or her contractual obligation. The principal in this case is a nonresident of Wisconsin who has engaged in or is about to engage in some sort of entertainment activity in Wisconsin. If the entertainer were to fail to meet the stipulations of the agreement, then the surety bond provider would then step in to financially reimburse the unfulfilled consumer, in this case, the venue paying for the entertainer’s services.
Unlike many surety bonds, which are usually written for two years, the nonresident entertainer’s surety bond is only valid for a specific amount of time, for example, as long as a performer would be entertaining in a certain city. In this case it’s especially important to note that the surety company would only insure the entertainer for the amount agreed to in the bond.
Surety bonds aren’t just about fulfilling the necessary requirements to maintain your business. They’re about protection: protection for you and protection for your customers. Whether you’re an out-of-state entertainer planning to travel to the badger state or a native Wisconsin business owner, surety bonds offer many benefits to both you and your potential consumers for a very reasonable cost. Make sure you check your local and state regulations to find which surety bond would be the best for you.