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Minnesota
Service Contract Provider Bond

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Coverage Amount: $25,000 - $100,000
Term Length: 1 year
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Minnesota Service Contract Provider Bond Guide

In Minnesota, service contract providers must file a surety bond to register with the Department of Commerce.

Bond Overview

  • Purpose: To ensure service contract providers uphold state regulations and client contracts
  • Who Needs It: Businesses offering extended service contracts in Minnesota
  • Regulating Body: The Department of Commerce
  • Required Coverage: $25,000–$100,000
  • Premium Rate: 1–5% based on credit score

Learn all about the bond requirements and process in this guide.

What Is a Minnesota Service Contract Provider Bond? 

This bond ensures that service contract providers in Minnesota comply with state standards and have the financial capacity to fulfill contracts.

The Minnesota Department of Commerce requires this type of commercial surety bond to register with the state. 

How Much Do Service Contract Provider Bonds Cost in Minnesota?

Minnesota service contract provider bonds cost a small percentage of the bond amount, typically 1–5%.

Exact rates vary based on personal credit score. Apply for your free quote now!

Bond Type
$25,000-$100,000Service Contract Provider Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

Who Needs a Service Contract Provider Bond? 

In Minnesota, you must register with the state before providing contracts for additional maintenance on homes, motor vehicles or consumer goods.

Your bond amount will be 5% of your total contract revenue minus claims paid, with a minimum of $25,000. 

Alternatively, you can file a cash deposit or letter of credit. However, a surety bond is typically the most affordable option.

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a Minnesota service contract provider bond. Just follow these quick steps: 

  1. Apply: Submit an online quote request form
  2. Quote: Receive your quote within one day
  3. Sign: Complete the indemnity agreement 
  4. Buy: Purchase the bond online 24/7

We’ll email you the bond shortly after purchase. Be sure to file the bond with the Department of Commerce as instructed. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a Minnesota Service Contract Provider Bond Work? 

As with all surety bonds, a service contract provider bond creates a legal contract between three parties: 

  1. Principal: You, the service contract provider filing the bond
  2. Obligee: The Minnesota Department of Commerce requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of Minnesota Statutes Chapter 59B. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your service contract provider bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

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