What Does A Surety Bond Cost?
Woman: I need a surety bond, but I have no idea how much they cost.
JW: Surety bond costs vary greatly based on the size of the bond, the type of bond, and the applicant.
Woman: That makes sense, but can you just give me an idea of costs?
JW: I can give you a rough idea, but to determine your actual costs, you'll need to apply online, as bonds are not a one size fits all product. What do you need the bond for?
Woman: I actually need two. One is required to obtain my contractor's license and I need the other is for specific public job I want to do.
JW: Ok...License bonds are usually pretty small and based strictly on your personal credit. The better your credit, the lower the rate. Your best bet is to use our free estimate tool to see a range of costs. It will calculate the ranges you're looking for on your specific bond type and amount.
Woman: Sounds good, but what about the bond I need for the public work contract?
JW: You can use our estimate tool for that, but I'd also recommend you check out our video "What do bid and performance bonds cost?". There is quite a bit more to them than a simple estimate tool can provide and I think you'll find the video very informative.
Woman: Great thanks! I'll check it out right now.