What is an Indemnity Bond?
Indemnity bonds guarantee to indemnify and reimburse anyone that may experience financial loss due to the principals (the individual with the bond) poor conduct. This isn't technically a specific bond type, as the term "indemnity bond" is used when referring to commercial bonds such as auto dealer bonds, contractor license bonds, etc.
For example, if you don't abide by the laws of your state and cause financial harm to a client, a claim can be filed on your bond. The claim will initially be paid by the surety who wrote your bond, but will ultimately come back to you for reimbursement.
If you're unsure whether you need a bond, you can select your state from the list below to view the bond requirements.
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What Do Indemnity Broker Bonds Cost?
These bonds generally cost between 1-15% of the requirement bond amount. The percentage you must pay is based on your financial strength, e.g. personal credit, business financials, etc. You you're ready for a quote, can get a free quote on your bond now. You can also take a look at the most frequent surety bond related questions here.