License and Permit Bonds
License and permit bonds or commercial bonds as they are referred to interchangeably is a type of surety bond. Before a business can receive a license and begin providing services to clients, they must obtain a license and permit bond.
This bond is a form of protection for consumers. It operates as a guarantor ensuring that the business functions, as it should and adheres to designated rules and regulations. If the business is unable to comply, a consumer can make a claim against this bond.
In essence, the license and permit bond behaves as insurance protecting the integrity of the consumer against the business. As long as the company obeys the laws set out for them, they do not have to be concerned with anything happening to their bond.
Although license and permit bonds act as insurance, this does not imply that it is one and the same. Instead, a commercial bond is an indication to consumers that money has been allocated by the company if the contractor does not adhere to their work obligations.
What Types of License and Permit Bonds Are Available
There are various type of license and permit bonds that can be obtained. For example, a contractor can receive a contractor license bond, and a car dealership can obtain a motor vehicle dealer bond. Depending on your business, there is a suitable surety bond available.
It is important to note that if you decide to conduct without a commercial bond, you will be charged. Practicing without one is an offense, and you can potentially face jail time. To avoid this, contact professionals that are capable of providing you with the surety bond you require.
Surety Bond Professionals Can Help
Before you begin providing services to the public, contact us and see how our team can help you. To avoid disappointment and the potential termination of your business, consider reaching out to our team of experts.
We have experience working with a variety of professionals seeking to receive license and permit bonds. Our team is very well versed in this field, as we have many distinctive surety markets that can handle commercial bonds. Contact us to see how we can assist.
To apply for one, complete our bond application form. We are licensed professionals that can provide you with assistance in receiving your license and permit bond. You can leave it to us to ensure that you receive the appropriate surety bond for your business. Whether you are a contractor, collection agency, or car dealership, we can help you regardless of your credit history.