Common Mistakes in the Surety Bond Application Process
Common Mistakes in the Surety Bond Application Process
If you're in the market for a surety bond, chances are that you'll find yourself filling out an application so that the surety bond agent can determine your qualifications. This agent will then determine which company can best provide the bond you need based on the bond type and your qualifications.Some agents may request further applications as they check with various surety companies trying to get you approved.
Before filling out any applications, work with a surety bond company who makes all underwriting decisions in house, eliminating the need for any wholesale brokers involvement.This'll save you time and you'll be able to get a quote within the hour in most instances.
As a surety bond provider, an important piece of advice we can offer is for you to accurately fill out your surety bond application. This application is indicative of your reliability and should be considered as a "resume" or a form of job application. Do not omit filling in any important fields and keep in mind that a surety provider may assume any omissions or absences of answers as a negative. Every surety provider has their own unique application, and this application is a measure of your capabilities. Completing it accurately and not withholding information will get you your surety bond more quickly. Take your surety bond application seriously and consider it an opportunity to highlight your strengths. Your surety bond provider is looking for an accurate representation of yourself and your business, and may penalize or deny you a bond if any application responses are inaccurate. Should you turn in an incomplete application you may receive an inaccurate surety bond quote or have to wait longer to receive your bond.
It's best to contact an agent who can help you find the exact bond you need. Fill out a specific application as completely and accurately as you are able and submit it electronicallyyou'll receive a firm quote and form to be signed. You have the option to email or fax the signed form along with your check, and receive the bond you need the same day.