Commercial Surety Bonds
Governing bodies typically require these as a condition of licensing, or as permission to engage in some activity. In short, they are required to indemnify the governing body from harm or negligence.
Number of Commercial Surety Bonds; AmeriPro Surety Bonds is A Market in all 50 States
There are thousands of such bonds required in all 50 states and our agency offers these bonds in all 50 states.
Of the three categories of surety bonds, commercial surety bonds are by far the largest in terms of types and sheer number of commercial bonds.
Approval of Your Commercial Surety Bond
Requirements and approval for commercial bonds range anywhere from just completing an application and paying an annual premium (“instant issue bonds)”, to meeting more extensive underwriting criteria.
As a broad general rule, the more risk involved, the more underwriting criteria needed.
Criteria for approval on larger (and even some smaller) commercial surety bonds will include a credit check inquiry.
Approval may also be contingent upon providing non-audited or audited business and/or personal financial statements; demonstrating a prior history in the line of business which requires the surety bond; and being able to provide evidence of professional financial stability and good character.
Miscellaneous Surety Bonds
Within the family of commercial surety bonds is a subcategory known as “miscellaneous bonds”. While such bonds are not license and permit, they may be required as a condition to how you conduct business.
In Florida and Michigan, for example, landlords may guarantee the security of tenants’ deposits by obtaining a surety bond, rather than holding the proceeds in a segregated account. This is known as a landlord/tenant security deposit bond. The surety bond does not license the landlord to be a landlord; it just governs how one aspect of their business is guaranteed.
There are also other surety bonds which may also be classified as miscellaneous.
Whether your bond is one of thousands of license and permit or miscellaneous bonds, AmeriPro Surety Bonds’ goal is to get your bond issued as easy, accurately and as quickly as possible.