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Insurance Broker Bond

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What is an Insurance Broker Bond?

Insurance brokers must purchase an insurance broker bond before they can become an insurance broker. It's an agreement with the state of operation to protect clients from acts of fraud and collecting their premiums.

An insurance bond broker oversees the process of clients receiving a bond, assessing risks and finding the best coverage for their needs. Serving as an intermediary between clients and financial institutions, they have access to private financial information. An insurance broker bond is a safeguard that protects clients’ financials and personal well being.

If you're unsure whether you need a bond, you can select your state from the list below to view the bond requirements.

Why You Need an Insurance Broker Bond

An insurance broker bond is a promise that brokers will develop lawful strategies to assist their clients and abide by laws in the state of practice.

In some locations, the company holds the insurance broker bond. In other states, individual brokers must insure themselves. The surety bond protects clients from potential fraudulent acts like price manipulation, or brokers falsifying information on claims.

When claims are accurately filed and processed, clients are reimbursed for their monetary losses and the broker’s company receives compensation for their services.

What Do Insurance 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.

Frequent Questions

What is the process?

Apply and get approved on our website, sign the surety agreements, and we will ship the bond out. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here.

Will this cover a single agent or my entire company?

Some states require bonds of entire insurance broker companies, which guarantee all agents. However, some states require a bond per broker or producer. State bond requirements vary, so be sure to contact each state in which you operate.

What types of insurance brokers need to be bonded?

Insurance adjusters, insurance agents, surplus lines brokers and 3rd party administrators all may need to be bonded to obtain a license. It is a good idea to check with the state, as all states have their own requirements. Also, take a look at our state requirements below.

How long do I need to maintain an insurance agent surety bond?

For as long as you are operating as an insurance broker and hold an active license.

What if a false claim is filed?

You must contact us immediately, as we have a team of claim specialists here to find a resolution for you. Keep in mind, it is crucial that you work with an expert in the surety industry. Learn more about how to ensure you choose the proper bond company.

Are you looking for a different type of bond?

You can take a look at our full list of license and permit bonds.

Get Your Surety Bonds from the Best Bonding Companies
We work with the top A-rated, T-listed surety bond companies in the nation

Jennifer Henson
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
David Tillotson
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.

The Nation’s #1 Volume Surety Bond Service
Our company writes $4,000,000,000+ in bonds each year!
  • #1 Bond Writer
    We are the nation's largest volume bond producer.
  • Easy Process
    Fastest online surety bond application process; we approve bonds instantly.
  • Lowest Rates
    Our high volume allows us to negotiate lower rates on your behalf.
  • Claim Specialists
    Your JW surety bond agent will be your claims advocate when you need them most.

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About JW Surety Bonds
We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company.