Easy Guide to Insurance Broker Bonds
SuretyBonds.com is legally licensed to issue insurance broker bonds in all 50 states. Whether you’re an insurance professional in Illinois, California, New Mexico or Georgia, we can bond you!
Although most brokers work ethically and according to industry laws, purchasing insurance can still be risky for consumers who reveal personal information to their brokers. For this reason, most states require insurance brokers to be bonded before they can be licensed. This is where we come in. But what are surety bonds, and why do you need one?
The surety experts at SuretyBonds.com know that can be confusing, so we’ve developed this guide to bonding for insurance professionals.
Insurance Broker Bond Cost
Insurance broker bond costs and requirements vary greatly as the bond amounts and regulations surrounding each license are established on a state level. Select your state below to learn more about surety bonds for insurance professionals or call 1 (800) 308-4358 to speak with a surety expert.
Pay a Low Rate for Your Insurance Broker Bond
Most states require insurance brokers to post bonds between $10,000 and $20,000. Because SuretyBonds.com works with underwriting markets that specialize in freely written bonds, we can issue insurance broker bonds to applicants in most states for just 1% of the bond amount. For example, insurance brokers in California can get a 3 year bond for just $110! Apply for an insurance broker bond to see what you will pay in your state!
Enjoy Fast, Easy & Accurate Bonding Services
Because they’re freely written without a credit check, most insurance broker bonds can be purchased online in just a few minutes using our secure bond checkout. To get bonded the fastest way possible, simply fill out the form below or call SuretyBonds.com at 1 (800) 308-4358 to speak with an expert surety specialist.
Once your payment is processed, you’ll receive an emailed copy of your bond and your original bond form will arrive in the mail. Its that easy, so what are you waiting for? Get started now!
Learn More About Insurance Broker Bonds
An insurance broker surety bond ensures insurance professionals fulfill their duties ethically and according to the laws of their city and state. In most cases, an insurance broker must file proof of a surety bond before he or she can obtain a business license. The exact obligations an insurance broker is expected to fulfill under a bond’s terms varies by state. However, most insurance broker bonds allow harmed parties to file a claim against the bond if an insurance broker commits any of the following wrongdoings:
- Using inflated or false quotes to increase profit
- Coercing consumers into purchasing inappropriate insurance products
- Encouraging customers to misrepresent themselves or their financial situation on insurance applications
If a claim is filed and proven to be valid, the claimant can be reimbursed for financial losses and other consequences. In some situations, the larger insurance company that a broker represents is guaranteed payment for its products. As with all contracts, you should fully understand the terms you’re agreeing to before purchasing and signing a bond.