Minnesota Surety Bond Cost
Surety Bond Cost. Many Minnesota businesses need a bond for a license, a job, a project, or a city. We write Minnesota surety and fidelity bonds and can tell you your surety bond cost in just a few minutes. Some of the types of bonds we write are bid bonds, payment bonds, performance bonds, maintenance bonds, subdivision bonds, and site improvement bonds. We also write contractors license bonds like mechanical bonds, master plumber bonds, electrical bonds, roofing bonds. Our goal is to make it easy and painless, we promise. Our MN insurance agents will issue your bond correctly, the first time. If you are looking for a different type of bond not listed here, try our sister website www.suretybondsmn.com.
What is a Surety Bond?
Well, let’s start out with what a bond is. A bond is like a loan from a bank. Money is set aside to fulfill a contract, promise, or obligations. If the bond is used, the money must be paid back. The cost of the bond is like interest for setting the money aside, for their services, and the risk of it not being repaid. A surety bond is simply an agreement between three people. A principle (that would be you), the bonding company (a surety / the insurance company), and the obligee (entity requiring the bond). Generally speaking, surety bonds will protect the obligee from fraud, abuse, and penalties.
Bonds are very common in the construction industry. An example would be a contractor who is hired to do complete a job per a contract. If they don’t, then the bonding company pays to complete the job and cover any damages, penalties, or other associated costs.
Contact Us for Quote
Tell us about your Minnesota business and bonding needs, we are listening. We have the exact bond you are looking for. Do yourself a favor and call 952-469-0425 right now or use the quick quote form on this page. Request your Minnesota surety bond quote now! You will be happy you did.
P.S. If you haven’t gotten a quote on your general liability yet, just visit the general liability insurance quote page.