Insurance Broker Bond

Insurance broker bond is required, as with other commercial bonds, in order for the insurance broker agency to legally operate. This bond guarantees that the insurance broker complies with the regulations of the state department of insurance and also protects individuals who might be harmed due to the actions of the insurance broker agency and its affiliated entities. The bond reinforces the insurance broker’s financial responsibility to each of its insurance supplier, in that it will account for the insurance premiums received from the insured for payment to the insurance carriers.

 

For more information on obtaining an insurance broker bond for your licensed insurance agency, please contact us at 1(815) 459-3300.