If you live in Oklahoma and you manage projects that require a great deal of financial responsibility, you may need to get an Oklahoma surety bond. An Oklahoma surety bond reassures your clients that you and your company have a history of responsible management. They also insure your clients in the case of unscrupulous or unethical decisions.
In Oklahoma, many professionals need to get an Oklahoma surety bond before they can get licensed. These individuals include car dealers, mortgage brokers, construction workers, and notary publics.
Step #1: Get Your Financial House in Order
Before you try to get an Oklahoma surety bond, make sure that your financial house is in order. Make sure that you have your financial statements and organizational documents ready when you apply for your bond. Create an organizational chart and also make sure that you have your personal credit history on hand. Getting prepared is the first step in getting an Oklahoma surety bond.
Step #2: Contact a Surety Bond Agent
Step #3: Work With an Underwriter
Once you’ve worked with an agent and collected your materials, it’s time to move on to working with a surety bond underwriter. The underwriter will work with you to get information about you and your company’s financial history, and your organizational structure. The underwriter might also look at your financial information such as balance statements, credit history, income statement, and your cash flow.
Step #4: Sign Indemnity Agreement and Purchase Your Bond
Do You Need an Oklahoma Surety Bond?
You may be required to hold a surety bond as part of your professional licensing in Oklahoma, or you may be looking for a way to tell your clients that you are financially and ethically responsible. Getting an Oklahoma surety bond reassures your current and prospective clients, helping your business maintain its solid reputation. It also provides them with financial insurance, so that they can work with you or develop projects with you without fear of financial failure.