Ohio Surety Bonds

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Ohio Surety Bonds

Which Surety Bonds in Ohio Do You Need?

The state of Ohio requires three types of bonds. License bonds are for auto dealers and contractors. Contractor bonds are for public construction. Court bonds are for courts, largely applying to fiduciaries, appeal bonds and bail bonds. Whether a company is applying for a contractor license, to be a mortgage broker, a freight broker, telephone solicitor, auction firm, money transmitter or any number of other lines of work, there is a bond you need.

Getting License and Permit Bonds

The complete list of bonds required by the state of Ohio and various county and municipal governments is vast. The easiest path forward is to contact us for a free bond quote. you can get a license bond, broker bond, agent bond, surplus lines or permit bond, even if you have bad credit. There are hundreds of Ohio Surety Bonds required by the state, cities, counties and so on. Simply apply online and be specific as you can when applying for this type of bond so that we may quote your bond request as quickly and efficiently as possible. If you do not find your bond on the drop down, you may select the General Business License and provide additional information in the space provided.

Getting Contract Bonds for Public Jobs

Contract bonds tend to be local or county requirements, rather than state regulation. They are usually required for bidding on public projects. Contract bonds such as bid and performance bonds are needed to work on public construction projects. However, these are usually required by cities or municipalities as opposed to the state of Ohio.

Getting Court Bonds in Ohio

Court bonds often refer to bail and appeal bonds. They can be issued by surety companies and brokers and are one of the most common bonds in Ohio. “Court bond” is a general term for a variety of surety bonds which are often needed in court proceedings to guarantee protection from financial loss to obligees.

The two most common scenarios requiring a court bond are the appeal of a court’s judgment by a litigant, or the appointment of a fiduciary by a probate court. The former requires litigants to obtain an appeal bond, the latter requires fiduciaries to obtain a fiduciary bond.

What Do Ohio Surety Bonds Cost?

The cost of a bond will be determined by a number of factors. The type of bond, amount the bond covers and your financial circumstances are the largest factors. Surety bond costs vary drastically depending on the bond amount that you need and your rate (which is the percentage of the full bond amount you must pay). In most cases personal credit has a major bearing on the rate provided by the surety company. Surety companies use this because obtaining a surety bond is much like getting a bank loan. You are asking the surety company to financially back you and guarantee that you will perform according to rules and regulation. In the event that you do not and a claim is made to your bond – you will indemnify the surety company. Regulations and requirements can also impact the out-of-pocket cost. The easiest way to know your cost is to get a free quote

Can You Get Bonded with Bad Credit?

It’s possible to get a surety bond with bad credit, but it will depend on the bond type you need and how severe your credit issues are. You can get approved for most license and permit bonds regardless of your credit situation. However, it is more difficult to get contract bonds with bad credit.

How to Get Bonded in Ohio

Simply fill out an application. You will be contacted with your bond options from there. You can also call us to get started whether you're looking for a license or permit, bond surety or bond-based insurance.

What is a Surety Bond in Ohio?

In the state of Ohio, a surety bond is any bond that involves a three-party contract. Essentially, it ensures that the obligee will be able to pay fees or damages in the event they are found in violation of legal rules or regulations, which is why it is required when applying for a business license in many industries.

How Are Surety Bonds Calculated?

Calculating a surety bond is complicated. It will review the bond amount, bond type, your credit history and financial circumstances and a number of other factors. A free quote is the easiest way to see how much it will cost.

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Bad Credit Bond

Bad Credit - Fastest Approvals - Lowest Rates Available

  • Credit below 650 and/or have blemishes on credit report.
  • Average cost is 5-15% of the bond amount.
  • Available for all commercial bonds.

Why does credit matter? Applying for a surety bond is similar to applying for a loan. You are asking a surety company to back you financially. Reviewing credit is the best method for the surety to understand their risk. All sureties review credit as a view only and should have no effect on your credit score. While it is true that bad credit makes it harder to obtain a competitive quote, we are committed to making sure all of our customers have access to the best possible rates. While we can’t guarantee that we can provide a bond for the most extreme bad credit situations, we strive to make sure no stone is unturned! In other words, if you are insurable, we will get it written. Contact us today and let us put together an online quote for you that will exceed your expectations.

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About Surety Bonds

Three Party Agreement

Surety Bond Definition: The definition of a surety bond is as follows: A surety bond is a binding agreement between three parties. This agreement sets forth a financial guarantee by one party (“surety”) to another party (“obligee”) that a third party (“principal”) will fulfill required obligations to the obligee, and that state, federal, and local laws and applicable regulations will be adhered to. Let’s examine each of the three parties.

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Three Party Agreement

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