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Popular Surety Bonds in Michigan
Michigan Fidelity Bonds
Fidelity bonds protect employers from damages associated with losses that employees cause, like theft, embezzlement, forgery, or illegal funds transfers.
Auto Dealer Bond
You’ll need a surety bond to work as an auto dealer in Michigan. You may also need a separate bond to operate your business in the City of Detroit.
Michigan Notary Surety Bond
To become a notary in Michigan, you must post and maintain a $10,000 bond for your six-year commission.
Mortgage Loan Originator Bonds
The State of Michigan requires anyone applying for a mortgage loan originator license to purchase a surety bond. Based on loan origination volume, bond amounts range from $25,000 to $250,000.
Liquor License Bond
You must purchase a surety bond to obtain a liquor license in Michigan for beer, wine, and spirits or non-retail liquor. Liquor bonds allow the state to collect unpaid taxes.
Michigan Title Bonds
If you don’t have the original title to your vehicle or watercraft, you may need a bonded title (a title with a surety bond attached). Title bonds protect the state, lienholders, and past and future owners from financial loss.
Find Your Michigan Surety Bond
Don’t see the bond you need?
Give us a call at (888) 435-4191 or use our generic form to start your application online. We’ll reach out soon!
What is a surety bond?
A surety bond is a legally binding contract ensuring one party keeps its promise to another. If one party fails to keep their promise, the surety company will compensate the party who experienced the loss. Then, the party at fault for breaching the contract must pay the surety back.
Learn more in our Ultimate Guide to Surety Bonds.
How much do surety bonds cost?
The cost of a bond can vary based on a few factors, including the type of bond, the amount required, and your credit score and finances. Your bond premium will be a small percentage of the total bond amount – typically 1-10%.
Generally, the stronger your credit score, the lower your rate. However, we don’t even need to run your credit in some cases. Some bonds can be issued instantly at a flat rate.
How do I know which bond I need in Michigan?
Various businesses, contractors, and other professionals will need surety bonds to operate legally in Michigan. Many professions that require state, county, or city licenses to work or practice will also require surety bonds.
Here are some examples:
- You may need construction bonds to work as a contractor.
- You may need a license or permit bond to operate a professional business.
- Or you may need a court bond to fulfill your duties as a fiduciary.
How to Get a Surety Bond in Michigan
We’ll help you find the bond you need, complete the application, and be off and running. Call us at (888) 435-4191, or email support@zipbonds.com. We also have live chat on our website during regular business hours. Reach out any time!
About ZipBonds.com
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.