What type of surety bond do I need? [And what do I put for the bond amount?] 

"What type of bond do I need?" Likely the most common question we get. Followed by "What do I put for the bond amount?" Let's start with why you're getting the surety bond and who told you to get the surety bond. The party requiring you to get a surety bond is known as the obligee. They are the party that created the requirement or obligation - both the type of bond and the amount needed.
Get the best deal on your bond by visiting SuretySolutions.com today!
The fastest and most accurate way to determine the bond type and amount you need is to contact the obligee directly.
For example, if you are wanting to open a car dealership in Florida, you would need to get a Florida Dealer License. The Florida Department of Highway Safety & Motor Vehicles requires dealers have a surety bond included with their completed application to be licensed.
In this scenario, the party telling you to get a surety bond is the Florida Department of Highway Safety & Motor Vehicles. They are the obligee. There are a few different types of surety bonds for this one example.
• Used Dealers
• New Dealers
• RVs
• Mobile Homes
Determine the type of surety bond you need by the type of vehicles you want to sell. If you want to sell used cars, then the obligee has set your bond amount to $25,000. However, if you're just selling recreational vehicles, then your bond amount for $10,000.
There are some bonds, such as janitorial, dishonesty, fidelity, theft bonds or crime bonds that don't have an obligee and no set amount required. These types of bonds are a little different in that YOU get to determine the amount of coverage you desire. Each of these products protects against employee theft; either an employee stealing from you (What we call 1st party), or an employee or contractor stealing from one of your clients (What we call 3rd party). These types of surety bonds are common with cleaning companies, contractors and service providers who send technicians into their clients' homes or businesses. Similar to traditional insurance, you get to decide how much coverage you feel is adequate and the cost is based on the size of bond you want and the number of employees you have. These bonds are instant issue, meaning you can buy it online in about 5 minutes and proudly claim your business is bonded.
Whether you need an ERISA, Contractor, Car Dealer, or any other kind of surety bond; visit SuretySolutions.com to get quotes today!

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