Commercial Bonding FAQ's
What is a commercial bond?
Commercial bond is also referred to as “license and permit bond”, “corporate surety bond” or “business surety bond.” Commercial bonds are generally required by local and state laws in order for a business to obtain the right licenses and permits for the purpose of conducting their business operations legally. It includes all non-contract related bonds that will guarantee the business owners’ honesty, payment responsibilities and performance.
What are types of bonds that are considered as a commercial bond?
They include auto dealer bond, alcohol surety bond, contractor license bond, freight bond, insurance broker bond, mortgage broker bond, mortgage lender bond, wage & welfare bond etc.
Why do I need it?
For most of the commercial bond, they are required in order for you to obtain your license or permit to carry out your business operations legally and provide guarantees pertaining to your field of work.
How long does it take to process the bond?
Depending on the characteristics of the bond requested and your financial history, some bonds can be processes within the same day.
I am not sure what type of bond I need.
Call us at 1(815) 459-3300 and our agent experts here will be able to investigate your case and provide you with all the necessary information.