Michigan Surety Bonds
How to get a Michigan Surety Bond online
Getting quotes for a Surety Bond is easy when using our online bond quote tool, below. In fact, many of our Michigan Surety Bonds include instant quotes and can be purchased in under 5 minutes. Just begin by choosing the type of bond and bond amount you need. You’ll find competitive quotes from top surety companies, ensuring you get the best deal on your Michigan Surety Bond.
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What type of bond do you need?
When it comes to choosing the type of Surety Bond you need, it’s important you choose correctly. The entity requiring you to get a bond, known as the Obligee, will not accept your Surety Bond if it’s the incorrect type and bond amount. If you’re unsure of the type of bond you need, we recommend contacting the Obligee and requesting a copy of the bond form.
Below, we’ve listed the most commonly purchased Surety Bonds in Michigan.
Common Michigan Surety Bonds:
Are you unable to register your car because the title is missing? Or, maybe you were title jumped and the DMV won’t accept the title you received from the seller. Fortunately, the state of Michigan offers the option to get a Bonded Title.
You’ll first need to confirm with the Michigan DMV that your vehicle is eligible for a Bonded Title before purchasing a Lost Title Bond. The bond amount needs to be set at twice the value of your vehicle. However, you don’t pay the full value of the bond. In fact, most of our clients pay a one-time cost of $100 for this type of bond.
Depending on the city or county you plan to work as a contractor, you may need a license and bond to legally work. We recommend checking with your area’s contractor board to verify if a Surety Bond is part of the licensing requirements.
Before starting a construction project, you may be ordered to get a Surety Bond. Bid Bonds, Maintenance Bonds, Payment Bonds, Performance Bonds and Warranty Bonds fall under this bond type.
Get quotes for a Fiduciary Bond (Guardianship, Probate and Trustee) or Judicial Bond (Attachment, Indemnity to Sheriff, Injunction and Replevin) using our quick online application.
We offer a few different types of Fidelity Bonds.
- Business Service / Janitorial Bond: This coverage benefits your clients. If your employee steals from your client, they are protected by your Business Service Bond.
- Employee Dishonesty Bond: Commonly referred to as a “Commercial Crime Fidelity Bond”, this is coverage for you and your business in the event your employee steals from you.
- ERISA Bond: Administrators of employee benefit and pension plans are required by the U.S. Department of Labor (DOL) to have an ERISA Bond. The employees of the plan of protected from experiencing financial loss due to the administrator mishandling their plan funds.
Due to the SAFE Mortgage Licensing Act of 2008, Michigan Mortgage Loan Originators require a Surety Bond to receive a license. This requirement is set by the Michigan Department of Insurance and Financial Services (DIFS) to protect home buyers.
Notary Publics in Michigan require a $10,000 Surety Bond. We offer our Michigan Notary Bonds starting as low as $50 with Errors & Omissions (E&O) Insurance included from select providers.
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How much does a Michigan Surety Bond cost?
The bond type, bond amount and your credit are typically factored into the cost of your bond. A high bond premium is generally expected when greater risk is associated with your coverage. However, many of our Michigan Surety Bonds start as low as $100.
If a credit check is necessary to calculate your bond cost, we’ll only perform a soft-pull on your credit. This means the credit pull won’t adversely affect your credit score. If approved, your bond premium should be 1%-5% of the bond amount.
Is it possible to get a Surety Bond with bad credit?
Many of our bonds don’t require a credit check and don’t use credit to determine the bond premium. Bonds that do require a credit check may still be approved, even if you have non-standard credit. Usually, the cost of the bond is between 5%-15% for approved applicants with non-standard credit.
If you need a Surety Bond but have bad credit, we can work with you to get your bond. Apply for your bond online, today!
Where can you get a Michigan Surety Bond?
At Surety Solutions, A Gallagher Company, we simplify the process of getting your bond. You can view instant quotes from leading surety companies, all in one place.
We’re licensed to issue bonds in Michigan, as well as the rest of the United States.
Click the button below to view quotes for your Michigan Surety Bond. Have a question? Leave us a message here, send an email to email@example.com or call our office at (866) 722-9239. We look forward to issuing your bond.