Surety bonds can be obtained through licensed surety bond providers, insurance agents, and online platforms. Typically, the process involves determining the type of bond needed, finding a provider, submitting an application, and paying the bond premium. Bonds are available from various sources including independent insurance brokers, specialized surety agencies, and companies that focus specifically on surety bonds. Some well-known insurance companies that provide surety bonds include Travelers, The Hartford, and Nationwide. The Small Business Administration (SBA) also guarantees some types of surety bonds for small businesses, helping them qualify for bonds they might not otherwise get on their own. Popular online agencies such as SuretyBonds.com and A1 Surety Bonds also offer fast, easy access to surety bonds with expertise and competitive rates. Many providers offer bonding solutions across all 50 states and various industries. To obtain a surety bond, one typically needs to:
- Identify the required bond type (e.g., contract, commercial, court bond)
- Contact a surety bond provider or insurance agent
- Complete the application with financial and credit information
- Pay the bond premium, which varies based on credit history and bond amount
The cost of surety bonds generally ranges from 1% to 10% of the bond amount depending on the risk and applicant qualifications.
If specific locations or agencies are needed, the SBA provides a directory of approved surety bond agencies by state that can be contacted to get SBA- guaranteed bonds.
