How To Use A Bond Cost Calculator

bond cost calculator

**Update: May 2018: We are transitioning from Surety OneClick to a new software solution. We have transitioned our Bond Cost Calculator to Agency Multiplied. For questions, please call our office at 866.722.9239**

Whether you’re bidding on a construction project or you need a bond so that you can go into business, the cost of annual or project-related bonds is an expense that you need to work into your business accounting.
How can a bond cost calculator help you understand the potential cost of your bond?
Read More

5 Types Of Surety Bond Insurance That Small Businesses Need

surety bond insurance

If you have been told you need a surety bond for your small business, you might confused about what you need to get.

There are 25,000 different types of surety bonds so it is impossible to speak to all of them, but here are five types of bonds that various small businesses might need before they can open their business doors.

As with all surety bonds, the does not protect the business. Surety bonds protects the customers of the business.

If a customer feels they were wronged, they can make a claim against company’s surety bond.


Read More
Business Owners Standing In Front Of Shop

Surety Bond Vs Letter Of Credit: Which Is Best For My Business?

surety bond vs letter of credit

If you own a small business, you’ve certainly heard of the impact that a single missed payment or unfulfilled obligation can have on your business.

Hopefully, you haven’t experienced this first hand. To protect yourself and your customers, you can use surety bonds or letters of credit to manage these risks.

While there are similarities between surety bonds and letters of credit (also known as ILOCs or Irrevocable Line of Credit), there are significant differences between them. Both can be used as a risk management system, but only one of them can save you money.

Read More

How Do Surety Bond Indemnity Agreements Work?

surety bond indemnity agreement

What is a Surety Bond?

A surety bond is a three-party agreement between a Principal, an Obligee, and a Surety.

  • Principal: person who needs the surety bond
  • Obligee: person who requires the bond and is protected by the bond
  • Surety: person who issues the bond

In short, a surety bond is a contract that guarantees you will fulfill your tasks and obligations.

If the you (the principal) fails to fulfill your obligations, the surety company will step in. In the end, you remains liable for the original obligation and must repay the surety company for any money they paid out.

In order to make this arrangement clear and legal, surety companies require that principals sign an Indemnity Agreement.

Read More
Back To Top