Georgia is a state where business is booming, especially in the busy city of Atlanta. Companies working in Georgia may require a Georgia surety bond to do business.
A surety bond is a contract between your business, a bond company, and another party. In short, a surety bond is insurance for others, paid by you.
A Georgia surety bond shows your customers that your business has a solid financial history and a reputation for following through. It also acts as assurance to your customers to cover their project should your company fail.
Short on time? Read our Surety Bond FAQ
How to get a Surety Bond in Georgia
Step #1: Contact Surety Bond Company and Apply for Georgia Surety Bond
You can apply for a surety bond with either an insurance agency or a surety bond company. We suggest a surety bond company because they solely handle surety bonds.
An agent will help you go through the process of getting a Georgia surety bond and will help you understand how your specific business history will impact the bond process. An agent can help you get quotes from multiple surety bond companies so that you find one that will give you the best Georgia surety bond rate.
Common types of Georgia surety bonds include:
- Georgia Motor Vehicle Dealer Bond
- Georgia Lost Title (Certificate of Title Bond)
- Georgia Private Detective Bond
- Georgia Contractor Bond
- Georgia Mortgage Bond (Mortgage Broker, Mortgage Lender, Etc)
Browse all available Georgia surety bonds.
Step #2: Work with an Underwriter
After you’ve had your initial meetings with a producer and applied for your bond, an underwriter to go over your business history and financial operations.
An “underwriter” is just a fancy word for “risk evaluator”. An underwriter wants to evaluate the risk of bonding you.
Depending on what type of bond you’re applying for, you might need to provide information such as a business and project plan, healthy cash flow and a line of credit, references, and information about your business, such as an organizational chart.
The underwriter will provide you with quotes for your Georgia surety bond.
Step #3: Pay for Georgia Surety Bond
You will not have to pay the full bond amount to get bonded.
The cost of a Georgia surety bond depends on your company’s history and financial situation. A company with good references and a solid financial and business history can expect to pay 1-3% of the total bond amount. This is usually paid in a single installment.
If you are a new company, do not have a lot of cash on hand, or the underwriter decides that other aspects of your business history make you a higher-risk investment, expect to pay a higher rate. These higher rates run from 4-15% of the total bond amount.
Getting a Georgia surety bond can be expensive, but it doesn’t have to be. At Surety Solutions, our online Bond Cost Calculator lets you view quotes for your bond so you can compare prices before you buy. The best way to see what you’ll pay for your Georgia surety bond is to get a free quote:
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