How to Get an HVAC License in Texas

Feb 28 Posted on

Who Needs an HVAC License?

Air conditioning and refrigeration contractors and technicians need to be properly licensed by the Texas Department of Licensing and Regulation (TDLR) in order to work legally within the state.

There are two license classes:

  • Class A licensees are allowed to work on units of any size.
  • Class B licensees may work only on cooling systems of 25 tons and under, and heating systems of 1.5 million BTUs/hour and under.

Within each of these classes, there are three available endorsements:

  • Environmental air conditioning
  • Commercial Refrigeration
  • Process Cooling or Heating

You may have both a Class A and a Class B license, but only one endorsement per license is permitted.

What Does the Licensing Process Involve?

The specific licensing requirements vary somewhat depending on whether you’re applying for licensure as a contractor, a registered technician, or a certified technician. The key steps in the process include the following:

  1. Meet the experience requirements for the type of license you’re applying for. Have the person(s) who supervised your experience complete an Experience Verification Form. In certain cases, education may be substituted for experience.
  2. Complete the application and submit it with the completed Experience Verification Form. Submit it with the application fee to TDLR for approval of your eligibility to take the licensing exam.
  3. Pass the licensing exam and all other licensing requirements within one date of filing your license application.
  4. Once you’ve passed the licensing exam, purchase the required insurance and submit a Certificate of Insurance to TDLR.
  5. If you plan to do business in a municipality that requires bonding of contractors, you may need to obtain a surety bond. Check with any city, town, county, or other jurisdiction in which you will be working to see if a surety bond is required for HVAC contractors.

Why is a Surety Bond Required?

A surety bond serves as your guarantee to conduct business in a lawful and ethical manner. It provides protection for clients who might suffer a financial loss if you do substandard work, default on a contract, or otherwise violate the terms of the surety bond agreement.

How Does It Work?

Every surety bond agreement is a legal document that binds three different parties:

  • The obligee requiring the bond (the specific local governing body)
  • The principal (the HVAC contractor) required to purchase the bond
  • The surety (the company issuing the bond)

The obligee establishes the required amount of the bond (the penal amount), the laws, and the regulations the principal must abide by to avoid violating the surety bond agreement. Any party who suffers a financial loss due to a violation by the principal has the right to file a claim against the bond.

Typically, the surety will pay any valid claim upfront and then collect reimbursement from the principal. Every surety bond agreement includes an indemnification clause that gives the principal the sole legal responsibility for paying claims and holds the surety harmless.

What Does It Cost?

If you need a surety bond to work in a particular municipality, you’ll pay an annual premium that is a small percentage of the bond amount required in that jurisdiction. That percentage will be determined by the surety based largely on your personal credit score.

The higher your credit score is, the less risk the surety is assuming in underwriting your bond, and the better the premium rate you’ll be assigned. If your credit is great, you could pay as little as 1% to 3% of the required bond amount.

Get Bonded Today

If you need a surety bond to do HVAC work in your area of Texas, request an online quote or contact the team at Single Source Insurance today.

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How to Get an HVAC License in Arizona

Feb 28 Posted on

Who Needs an HVAC License?

Arizona does not offer one comprehensive HVAC license. Instead, there are licenses in three separate disciplines involved in HVAC contracting, which include air conditioning, refrigeration, and solar work. There is no specific license related to heating. The following are the specific licenses you will need in regard to each discipline:

  • “L” category licenses are for contractors doing commercial work
  • “C” category licenses are appropriate for residential contractors.
  • “K” category licenses are for both commercial and residential air conditioning
  • “L-79” licenses are for Refrigeration with Solar

The requirements for the various license classifications are available on the Registrar of Contractors (ROC) website.

What Does the Licensing Process Involve?

The following are the complete steps to the HVAC licensing process in Arizona:

  1. Pass the required examinations.
  2. Submit to background checks.
  3. Form and register a legal entity. LLC’s and corporations are required to register with the Arizona Corporation Commission. Partnerships are required to register with the Arizona Secretary of State, and sole proprietors do not have to register in order to apply for a license.
  4. Obtain a contractor’s license bond in the amount required for the specific license classification and anticipated annual gross volume. For commercial specialty contractors, the required bond amount ranges from $2,500 to $50,000.
  5. Pay the applicable application fee and license fee. If you’re a residential contractor, you must also pay an assessment into the Registrar’s Residential Recovery Fund or post a $200,000 cash or surety bond.
  6. Complete the application and submit it to the Registrar’s office, along with a copy of a government-issued ID, required bonds and payments, and all supporting documents.

Why is a Surety Bond Required?

The required contractor’s license bond is a contractor’s guarantee to do business in compliance with all applicable laws, regulations, and industry standards. The bond protects the state and the public by providing funds to compensate parties who suffer a financial loss due to the contractor’s failure to abide by the terms of the surety bond agreement. An example of this would be defaulting on a contract.

How Does It Work?

If the contractor violates the terms of the license bond, any injured party has the right to file a claim against the bond. To resolve the matter quickly, the surety company may pay a valid claim upfront and then collect reimbursement from the contractor. Every surety bond agreement includes a clause that indemnifies the surety bond company and holds the bonded individual legally responsible for paying claims.

What Does It Cost?

The annual premium for any surety bond, including a contractor’s license bond, is calculated as a small percentage of the required bond amount. The required bond amount is established by the ROC, but the premium rate is set by the surety bond company. This is based largely on the contractor’s personal credit score, their personal financial strength, and their business’s financial strength. Contractors with great credit will pay a much lower premium rate than those with poor credit.

Get Bonded Today

Request an online quote or contact our team at Single Source Insurance to discuss the bond you need to work as a licensed HVAC contractor in Arizona.

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How to Get an HVAC License in North Carolina

Feb 4 Posted on

Who Needs a Collection Agency License?

In North Carolina, HVAC professionals must obtain one of the following state licenses before beginning to work in that capacity:

  • H1 license – for working on water-based heating systems. There are two different classes of contractor licenses, H1-I and H1-II. An H1-I license allows a contractor to work on any building, while an H1-II license restricts the contractor to working on single-family detached homes. There is also an H1 technician license.
  • H2 license – for working on forced air heating and cooling units weighing over 15 tons. There are separate H2 licenses for contractors and technicians.
  • H3 license – for working on forced air heating and cooling units of less than 15 tons. An H3-I license permits the contractor to work on any building, but H3-II contractors are allowed to work only on single-family detached homes. There is a separate H3 license for technicians.

What Does the Licensing Process Involve?

The North Carolina State Board of Examiners of Plumbing, Heating and Fire Sprinkler Contractors licenses HVAC professionals. Here are the steps in the licensing process:

  1. Make sure that you meet the eligibility requirements for taking the exam for the specific license you’re seeking. There are different eligibility requirements for the Heating exam and the Refrigeration exam.
  2. Pass the exam.
  3. Complete the License Activation form and submit it to the Board, along with the required licensing fee (currently $130 for contractors and $65 for technicians).
  4. In certain cities, you may be required to purchase an HVAC contractor license bond. Check with the authorities in each city where you plan to work to see if a bond is required. Get Bonded Now.

Why is a Surety Bond Required?

Cities that require HVAC contractors to purchase a surety bond do so for two main reasons: 1) to ensure that contractors operate in compliance with all relevant local regulations and 2) to provide funds for compensating any party that suffers a financial loss as a consequence of an HVAC contractor’s unlawful or unethical business practices.

How Does It Work?

An HVAC contractor’s bond agreement is a legally binding contract involving three parties:

  • The municipality requiring the bond (the obligee),
  • The HVAC contractor purchasing the bond (the principal), and
  • The company underwriting and issuing the bond (the surety).

If the principal violates any of the terms of the surety bond agreement in a way that causes the city or a consumer to suffer a financial loss, the injured party has the right to file a claim against the bond and receive financial compensation up to the full required amount of the bond. Each obligee determines what the required bond amount is in that jurisdiction (for example, $2,000 in Greensboro and $2,500 in Winston-Salem).

Although the principal is legally responsible for paying all valid claims against the bond, often the surety will pay a claim in advance. However, this is done only as a courtesy on behalf of the principal. The principal is required by law to reimburse the surety.

What Does It Cost?

The annual premium for an HVAC contractor bond is a small percentage of the required bond amount. The surety sets that percentage, the premium rate, based largely on the principal’s personal credit score. If your credit is excellent, you could pay a premium rate that is as low as 1%. Those with credit problems will pay a substantially higher premium rate.

Get Bonded Today

Request an online quote or call us today about the bond you’ll need to work as a licensed HVAC contractor in your part of North Carolina.

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How to Get a Collection Agency License in Oregon

Feb 4 Posted on

Who Needs a Collection Agency License?

Oregon authorizes collection agencies to operate in the state through a registration process rather than through licensing. All of the following entities are required to be registered as a collection agency:

  • Parties that collect third-party debt or repossess collateral
  • Businesses that furnish or sell collection system forms
  • Individuals using a fictitious name to collect their own debt

It is illegal to operate as a debt collector without being properly licensed.

What Does the Licensing Process Involve?

Oregon uses the National Mortgage Licensing System (NMLS) to process applications for new or renewal collection agency licenses. But it’s the Oregon Division of Financial Regulation (DFR) that supervises and registers collection agencies. Before applying for a license, the business must be properly registered with the Oregon Secretary of State.

The steps in the registration process include:

  1. Complete the Oregon Collection Agency application forms available on NMLS. Separate forms are required for a collection agency and its branches, and the collection agency registration must be approved before a branch registration can be completed. The Company form (MU1) is the form used to apply for a collection agency registration. The Individual form (MU2) must be completed by the designated control person and submitted with the Company form.
  2. Gather the documents that must be uploaded to NMLS along with the completed application form. These include the company’s business plan and certified copies of the company’s formation documents, and a completed and signed Criminal Background and Credit Check Authorization Form for each owner, partner, or manager of the business. A Request for Waiver form is required for collection agencies that do not have a head office or trust account in Oregon.
  3. Obtain a surety bond in the amount of $10,000 for a collection agency located in Oregon or $15,000 for an out-of-state agency submitting a Request for Waiver form. The bond must be in electronic form for submission through NMLS. Get Bonded Now.
  4. Pay the collection agency registration fee (currently $350), and submit the completed application, accompanying documents, and surety bond through NMLS for approval.

Why is a Surety Bond Required?

The purpose of the surety bond is to ensure that a registered collection agency will operate in compliance with all applicable laws and regulations, including the Fair Debt Collection Practices Act (FDCPA). The bond also provides financial protection for any party that suffers a financial loss stemming from the unlawful or unethical business conduct of the collection agency.

How Does It Work?

Any violation of the terms of the surety bond agreement, which is a legally binding contract, entitles an injured party to file a claim against the collection agency’s surety bond and be compensated for their loss. The first thing the surety company will do when a claim is filed is investigate to make sure the claim is valid.

The collection agency is legally responsible for paying all valid claims against the bond. Often, the surety company will pay a claim up front and then collect reimbursement from the collection agency. Every surety bond agreement includes a clause that indemnifies the surety company and obligates the collection agency to repay it for any claims paid in advance on behalf of the agency.

What Does It Cost?

The annual premium for any surety bond is a small percentage of the required bond amount. The surety company decides what that percentage will be for each bond applicant, based largely on the personal credit score of the company’s owner(s).

Personal and business financial details and prior industry experience are also considered. Applicants with good credit usually pay a premium rate of between 1% and 3%. Applicants with poor credit could pay a higher premium rate but should still be able to get bonded.

Get Bonded Today

Request an online quote today for the Oregon collection agency surety bond you need to obtain your license, or call to discuss your bonding needs with one of our experts.

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How to Get a Collection Agency License in Minnesota

Feb 4 Posted on

Who Needs a Collection Agency License?

To operate as a debt collector in Minnesota, you must be licensed by the Minnesota Department of Commerce. Agencies must be licensed, and individual debt collectors working for an agency must be registered. There is an exception for out-of-state agencies that collect debts incurred in another state by Minnesota residents if collection activities are conducted by phone, mail, e-mail, or fax only.

What Does the Licensing Process Involve?

While the Minnesota Department of Commerce regulates and oversees the debt collection industry in the state, Pulse Portal, a credentials management system, handles the processing of license applications. Pulse Portal makes it possible to apply for a new collection agency license or renew an expiring one entirely online. Here are the main steps in the process:

  1. Access PulsePortal and complete the application for a collection agency license. A separate application must be submitted by each branch of a collection agency. Certain supporting documents must be uploaded at the end of the application (or emailed to the Department of Commerce): A copy of the business name approval or Certificate of Assumed Name previously filed with the Minnesota Secretary of State; Disclosure of Owners, Officers, and Partners form; Financial Statement form
  2. Pay the initial registration fee (currently $1,000 for the agency and $500 for a branch location) and the small application fee.
  3. Use the State ID and PIN number from page 2 of the license to set up an account for your agency on PulsePortal. This account will enable you to submit registration applications for individual debt collectors. You have 30 days from approval of the agency license to get at least one Minnesota debt collector registered and affiliated with the agency, or the agency license can be canceled.
  4. Submit a Minnesota debt collection agency bond for each of the agency’s licensed locations in the state. A copy of the application confirmation page from PulsePortal must be submitted along with the bond. Get Bonded Now.

Why is a Surety Bond Required?

The collection agency bond protects the state and consumers against financial loss resulting from the agency’s unlawful or unethical debt collection practices. The bond is the agency’s guarantee to abide by all applicable laws and regulations.

How Does It Work?

The surety bond agreement is a legally binding contract that establishes the conduct required to remain in compliance with the law and avoid claims against the bond. Any violation gives the injured party the right to file a claim and be compensated up to the full required (or penal) amount of the bond. That amount is based on the agency’s revenues from Minnesota debtors during the previous calendar year, with a minimum bond amount of $40,000 and a maximum of $100,000.

If the surety company determines that a claim is valid, and the collection agency doesn’t pay it right away, the surety typically will pay it in advance on behalf of the agency. An indemnification clause in the surety bond agreement makes the collection agency solely responsible for paying claims and legally obligated to reimburse the surety company for such advance payments.

What Does It Cost?

The annual premium for a Minnesota collection agency bond is a small percentage of the required bond amount. The surety company decides what that percentage, the premium rate, will be based on the personal credit score of the agency’s owner(s) and both personal and business financials. Applicants with outstanding credit can pay as little as 1% of the required bond amount, while those with lesser credit could be assigned a higher premium rate.

Get Bonded Today

Look no farther for the collection agency bond you’ll need to obtain or renew your collection agency license. Request a quote online or call and speak with one of our expert surety agents today.

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How to Get a Collection Agency License in Arizona

Feb 4 Posted on

Who Needs a Collection Agency License?

The Arizona Department of Financial Institutions (AZDFI) requires businesses and individuals to obtain a collection agency license in order to engage in any of the following activities:

  • Active debt buying (direct collections on accounts)
  • Passive debt buying(no direct collections)
  • First party debt collection
  • Judgement Recovery
  • Third party debt collection

What Does the Licensing Process Involve?

Although AZDFI regulates and oversees the debt collection industry within the state, it uses the National Mortgage Licensing System (NMLS) to process applications for new or renewal collection agency licenses. Here is an overview of the application process:

  1. Complete the Arizona Collection Agency application forms on NMLS. The Company form (MU1) is the form used to apply for a collection agency license. The Individual form (MU2) must be completed by the designated control person and submitted with the Company form. Branch licenses. Branch license applications cannot be submitted until the collection agency license has been approved.
  2. Gather any other documents that must be uploaded to NMLS along with the completed application form, such as financial statements.
  3. Obtain a surety bond from a surety company authorized to do business in Arizona. The amount of the bond is based on the collection agency’s gross annual income from business transacted in Arizona during the previous year. The minimum bond amount is $10,000 and the maximum is $35,000. Get Bonded Now
  4. Pay the required Arizona application fee (currently $1,500) fee. There is a separate license fee, but that is paid after the application has been approved.
  5. Submit the completed application, accompanying documents, and surety bond through NMLS for approval.

Why is a Surety Bond Required?

A collection agency bond guarantees that the bonded company or individual (referred to as the bond’s “principal”), will conduct business in compliance with all applicable laws and regulations, including the Fair Debt Collection Practices Act (FDCPA).

It also protects AZDFI (the bond’s “obligee”) and consumers against financial losses resulting from the fraudulent or otherwise unlawful or unethical business practices of the principal. The bond ensures that funds will be available to compensate any injured party that files a valid claim against the collection agency bond.

How Does It Work?

The terms of a surety bond identify the actions that would constitute a violation of the surety bond agreement, which is a legally binding contract between the bond’s obligee, principal, and surety (the company that underwrites and issues the bond). A violation that causes a financial loss gives the injured party the right to file a claim against the collection agency bond.

When a claim is filed, the surety will first make sure that it is a valid one. The principal is obligated by law to pay all valid claims, up to the full required (or penal) amount of the bond. Often, however, to ensure timely compensation of the claimant, the surety will pay the claim up front and then collect reimbursement from the principal. An indemnification cause in the surety bond agreement relieves the surety of any legal responsibility for paying claims, requiring the principal to repay the surety for any such advance payments.

What Does It Cost?

You’ll pay an annual premium that is a small percentage of the total required bond amount. The surety will assign you a premium rate based on your personal credit score and personal and business financials.

If your credit score is outstanding, you’ll pay the lowest possible premium rate, as low as 1%. You should still be able to obtain an Arizona collection agency bond even if your credit is not good, but you will likely pay a higher premium rate.

Get Bonded Today

Call today to discuss your bonding needs, or request an online quote for the bond you’ll need to obtain a new or renewal Arizona collection agency license.

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How to Get a Collection Agency License in Washington

Jan 20 Posted on

Who Needs a Collection Agency License?

In the state of Washington, the following entities are required to be licensed as a collection agency:

  • Third-party debt collectors
  • Businesses that purchase debt (delinquent or already charged off) for the purpose of collecting it for a profit
  • Individuals using a fictitious name to collect their own debt

It is illegal to operate as a debt collector without being properly licensed.

What Does the Licensing Process Involve?

While license applications are processed by the Washington Department of Revenue’s Business Licensing Service, the licenses themselves are issued by the Washington State Department of Licensing, referred to as DOL. Here are the steps to get a collection agency license in Washington:

  1. Complete the Washington Consumer Collection Agency License Forms available on the DOL website Collection Agencies page. The two forms that must be completed are Business License application and the Collection Agency License Addendum.
  2. Prepare or obtain a personal or business financial statement showing your assets and liabilities for one of the past three months and a net worth of at least $7,500—at least $5,000 of which must be in a bank account.
  3. Set up a trust account at a federally insured bank.
  4. Obtain a collection agency bond in the amount of $5,000 from a surety bond company licensed to do business in Washington.
  5. Pay the collection agency license fee (currently $850) and the business license fee (currently $15), and submit the completed application, financial statement, and surety bond for approval.

Why is a Surety Bond Required?

The surety bond serves as your guarantee to operate your debt collection business in accordance with all applicable laws and regulations. It also provides financial protection for anyone who suffers a financial loss suffered as a result of any unlawful or unethical actions on your part.

How Does It Work?

The terms of the surety bond agreement establish what you must do to remain in compliance. If you violate that agreement and someone consequently suffers a financial loss, that person has the right to file a claim against your collection agency bond and receive compensation. When a claim is filed, the surety bond company will investigate promptly to make sure the claim is valid.

As the bonded individual, you are responsible for paying all valid claims against the bond. The surety company may pay a claim initially, as a courtesy to ensure prompt payment to the client while giving you some time to pull together the funds needed to cover the claim. But you are legally obligated to reimburse the surety company for any such advance payments to claimants.

What Does It Cost?

You’ll pay an annual premium that is a small percentage of the required $5,000 bond amount. That percentage is determined by the surety company and based largely on your personal credit score. If your credit is good, you’ll most likely pay a premium rate of between 1% and 3%.

Get Bonded Today

Apply online or call us today to get the surety bond you’ll need to operate a collection agency business in Washington.

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How to Get a Collection Agency License in North Carolina

Jan 20 Posted on

Who Needs a Collection Agency License?

North Carolina requires all collection agencies and debt buyers to be licensed at the state level through the North Carolina Department of Insurance (DOI). DOI also regulates and supervises the debt collection industry in North Carolina. Attorneys and law firms, however, do not need to be licensed as collection agencies to engage in debt collection activities.

What Does the Licensing Process Involve?

In North Carolina, new and renewal license applications are submitted online through the North Carolina License Management System (NCMMS). In addition to completing the Collection Agency License application form, you must provide a number of attachments and additional documents, such as:

  • A sworn statement describing your collection methods
  • A copy of your most recent trust account bank statement used for collection activity
  • A certified balance sheet showing that you have a net worth of at least $5,000

All applicants for licensure as a collection agency must also purchase a North Carolina Collection Agency Bond in the appropriate amount:

  • $10,000 for applicants domiciled in North Carolina
  • $20,000 for applicants domiciled in a state other than North Carolina
  • $40,000 for applicants domiciled outside of the United States

These are the bond amounts required when obtaining a new collection agency license. When you renew your license, the DOI will calculate the required bond amount as one-sixth of your total collections minus your earned commissions, with a maximum of $30,000.

The original surety bond must be submitted to the North Carolina DOI in order for your collection agency license application to be considered complete.

Why is a Surety Bond Required?

The purpose of the surety bond is to provide protection for the state and for consumers against financial loss stemming from any unlawful or unethical actions you take in the course of your debt collection activities. The bond serves as your guarantee to conduct business in accordance with all relevant laws and regulations.

How Does It Work?

The surety bond agreement documents what you must do to remain in compliance and avoid claims being filed against the bond. Any violation on your part that causes a financial loss can result in the injured party filing a claim, which you are legally obligated to pay if the claim is determined by the surety bond company to be valid.

Ideally, you will pay any valid claim right away. In reality, the surety company often steps up and pays a claim in advance, on behalf of the bonded individual. This ensures prompt payment of the claim, but it won’t let you off the hook. The legal responsibility for paying any claims against your bond belongs to you, and you alone, so you must reimburse the surety company for such advance payments to claimants.

What Does It Cost?

Surety bond companies charge a premium that is a small percentage of the required bond amount. They set the premium rate on a case-by-case basis. This is the amount you will pay—no the total bond amount. The key factor determining your premium rate is your personal credit score. The higher your credit score, the lower the premium rate you will be assigned. If your credit is great, your premium could be as low as 1%.

Get Bonded Today

You can count on our experienced team to get you the best possible deal on the bond you need in order to obtain or renew your license as a North Carolina collection agency. Apply online or by phone with Single Source Insurance today.

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How to Get a Collection Agency License in New York

Jan 20 Posted on

Who Needs a Collection Agency License?

There is no statewide requirement in New York for the licensing of collection agencies, but New York City and the city of Buffalo do require any business that collects personal or household debts to be licensed as a collection agency. That also applies to:

  • Businesses that buy consumer debt for collection purposes
  • Lawyers and law firms involved in debt collection
  • Collection agencies that are not physically located in New York City but whose primary business is to collect debts from people who live in the city

Our focus here is on collection agency licensing in New York City. Be sure to check with the municipalities in which you plan to operate as a debt collector to determine whether there are any local licensing requirements for collection agencies.

What Does the Licensing Process Involve?

In New York City, collection agency licenses are issued by the NYC Department of Consumer Affairs (DCA).  Here are the steps to get a collection agency license in New York City:

  1. Complete these forms (available on the NYC Business Licenses and Permits page of the DCA website):
  • NYC Collection Agency License application
  • NYC Basic Business application
  • NYC Child Support form (requires additional supporting documents, including a copy of the contract you sign with clients seeking collection of child support payments)
  • Debt collection Agency Non-Resident form (required from applicants residing outside of NYC)
  1. Purchase a collection agency surety bond in the amount of $5,000—only if you will be collecting child support payment debts.
  2. Pay the required license fee. The fee for the 2-year license (expiring on January 1 of odd-numbered years) is $150 for those applying between February 1 and July 1 of an odd-numbered year. It is prorated for those applying during other time periods.
  3. Submit your completed application through the NYC DCA online services portal or by mail or in person to the NYC DCA Licensing Center.

Why is a Surety Bond Required?

A surety bond is required only if you will be collecting child support payment debts. The bond serves as your guarantee to operate in a completely lawful and ethical manner in collecting such debts. The contract you sign with clients who hire you to collect child support payments must be approved by DCA as part of the licensing process. Anyone who suffers a financial loss as a result of your debt collection actions related to child support payments has the right to file a claim against your bond.

How Does It Work?

What you must do to remain in compliance with your collection agency bond is spelled out in the surety bond agreement. Any violation that results in a financial loss by a consumer is grounds for a claim against the bond. Note that you are legally obligated to pay a claim if the surety company that issued the bond finds it to be valid.

In most cases, the surety company will pay a valid claim up front on your behalf. This ensures that the claimant is compensated in a timely manner, but it is strictly a courtesy. You must subsequently reimburse the surety company, which is indemnified by a clause in the surety bond agreement that makes you solely responsible for paying claims.

What Does It Cost?

The premium for any surety bond is a small percentage of the required bond amount. The surety company assigns each bond applicant an appropriate premium rate based on the applicant’s personal credit score.

The higher your credit score, the lower your premium rate will be. People with good credit typically pay the standard market rate of between 1% and 3% of the required bond amount.

Get Bonded Today

Get the surety bond you’ll need to obtain or renew your collection agency license. Apply with Single Source Insurance online or call for a quote.

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