Question 1

What is a surety bond?

Accepted Answer

A surety bond is a three-party agreement that guarantees performance of an obligation. The principal (you) purchases the bond, the obligee (government/owner) requires it, and the surety (insurance company) backs your promise. Unlike insurance, you must repay the surety for any claims paid.

Question 2

How much do surety bonds cost?

Accepted Answer

Costs vary by bond type: Notary bonds start at $40-$100, contractor license bonds cost 1-3% of bond amount, performance bonds cost 0.5-3% of contract value, and freight broker bonds range $938-$15,000 annually.

Question 3

How fast can I get a surety bond?

Accepted Answer

Instant approval is available for notary bonds, contractor license bonds under $25K, and many license bonds. Performance bonds, payment bonds, auto dealer bonds, and freight broker bonds are approved within 24 hours.

Question 4

What is a performance bond?

Accepted Answer

A performance bond guarantees a contractor will complete a project according to contract terms. Required on federal projects over $150,000 under the Miller Act. If the contractor fails, the surety ensures project completion.

Question 5

Do all bonds require a credit check?

Accepted Answer

No. Instantly issued bonds like notary bonds and small license bonds don't require credit checks. Bonds requiring underwriting use a soft credit pull for pricing, which won't affect your credit score.

Question 6

Is a surety bond the same as insurance?

Accepted Answer

No. Insurance protects you from risk; a bond protects others from your failure. Insurance claims don't require repayment; bond claims must be fully repaid. You still need insurance (liability, workers comp) even when bonded.

Question 7

Which bonds can I get instantly?

Accepted Answer

Notary public bonds, most public official bonds up to $10,000, contractor license bonds up to $25,000, and some title bonds can be issued instantly without underwriting.

Question 8

Are you a licensed surety company?

Accepted Answer

Yes. We are licensed insurance producers in all 50 states. All bonds are issued through carriers on the U.S. Treasury's approved list of certified surety companies.

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