If your business is in a position of trust, you will most likely need a surety bond. A Missouri surety bond shows your customers that your business complies with state and federal laws and that you can be trusted to follow through, both legally and financially.
If you fail to fullfill your obligations, someone can make a claim against your surety bond.
If you don’t know what kind of bond you need, view our Popular Bonds page.
How to get a Surety Bond in Missouri
Step #1: Contact Surety Bond Company and Apply for Bond
Some people choose to get their Missouri surety bond from their local insurance company. Others choose to get their bond from a surety bond company because they can get better rates.
You can apply for most Missouri surety bonds online.
Step #2: Get Evaluated and Confirm Pricing
Once you’ve applied for your bond, the surety bond company will evaluate your application. The person who evaluates your application is called an underwriter. Their purpose is to evaluate the risk of bonding you.
One of the main aspects in evaluating you is your personal/business credit score.
The price you pay for your bond is dependant on how strong your credit score is. Those with good credit will not need to pay as much as those with bad credit.
The chart below shows a ball-park range of what you might pay for your Missouri surety bond.
Step #3: Pay for Bond
Most companies will allow you to pay online. You only need to pay one time for your bond.
The only time you would need to pay monthly for your bond is if you choose to finance your bond.
Is Getting Bonded Worth It?
Getting a Missouri surety bond will help your company establish a reputation that’s based on trust and financial security. A surety bond tells your customers that you run a responsible business.
Getting a Missouri surety bond requires diligence, but it’s a process that will benefit your company and your clients. A surety bond can be one of the most valuable assets on your team.
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