How do i get my new company bonded?

You talk to the guy that does the rest of your business insurance. Bonds are an insurance product. MOST bond types require that certain INSURANCE lines are also in place.

Bonds are a guarantee. That is - the Surety Company (MSA Group) guaranties that the Principal (the person who is performing the task) will do what they say they will do for the Obligee (the person or company the Principal is doing the task for).

You contact your local independent insurance agent and ask about them.

Talk to the agent that is providing your other commercial coverages. There are many different types of bonds. Depending upon the type of business you are in you may need contract surety bonds, you may need a fidelity bond or you may need a license bond. Fidelity bonds and license bonds are usually for small amounts, pretty routine and not difficult to secure.

Contract surety bonds, on the other hand, are more complicated because the amounts of the bonds are much higher. The surety company will require financial qualification before they agree to bond you . They will want to review your financials (i.e. balance sheets and profit and loss statements), For a start up company they will likely require personal financial guarantees and they will evaluate your experience before they agree to bond you.

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