If you’re a business owner, contractor, or other professional, you may need a surety bond at some point in your career. Here are five simple steps to get you bonded as quickly as possible.
1. Application
Complete the correct bond application with a reputable surety provider. You may have to provide information about your business, financial history, and credit score. This isn’t always the case, however. Some bonds don’t require much information and can be issued without a credit check (in which case you can skip to Step 3!).
Pro Tip: Examples of bonds that can be issued instantly include notary bonds, many contractor license bonds, and title bonds.
2. Underwriting
After you’ve submitted your application, a surety bond company will review your application and underwrite your bond. You’ll be approved for the bond if you meet the underwriting criteria.
3. Approval
Bond approval means you have 1) passed the bond underwriting process and 2) met or exceeded the qualifications to get bonded. The surety company will then give the okay to issue you the bond. Approval can take a few minutes to a few days or weeks, depending on the bond company.
Pro Tip: ZipBonds processes and approves many bonds almost instantly! If your bond requires underwriting, we aim to approve your application within 24 hours.
4. Issuance
After approval, your surety provider will issue the bond, a legal contract outlining the terms you must follow. You can then present the bond to your obligee (the party that required the bond) as proof of coverage.
5. Renewal
Surety bonds have a set expiration date, often ranging from one to several years from the date of issuance. You must renew your bond before it expires to avoid any lapses in coverage.
Some providers (including Zip) notify you months in advance when it’s time to renew your bond so you don’t miss the deadline. To renew, simply sign the renewal agreement and pay the premium!
Why ZipBonds?
ZipBonds is the fastest, most secure way to get your bond. Our all-digital platform removes the pain of filling out long, complicated applications and waiting hours or days to hear back from someone. Our process is all about speed! Most of our bonds are approved and processed immediately from our site.
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