On the Single Source Insurance blog, we’ve talked about the factors that determine the cost of your surety bond. Today, we’ll talk about what you can do to make sure you get the best price for your bond.
- Maintain a good credit score. An underwritten surety bond’s premium will vary depending on your financial history. A good credit score shows that you are a reliable borrower, and the surety company takes on less risk when principals have a strong financial history. If you are considering getting a business license that requires a bond, but your credit score is low, consider strengthening it before applying for the license.
- Shop around. Get more than quote to find the lowest priced bond. Single Source Insurance can work with you to get the lowest premiums available!
- Have a realistic idea of the cost of your bond.�If you need a $100,000 surety bond, your premium will be much higher than if you needed a $10,00 bond. If your credit is low, your bond premium will be higher than if you had a high score. You can get a free quote from Single Source Insurance, so you have nothing to lose by applying and finding out what the bond will cost you.
- Keep your bond claim-free.�As long as you don’t break any of the terms of your bond, there’s no reason for any claims to be made against it. Before purchasing your surety bond, talk to an Single Source Insurance specialist to ensure you understand the terms. Make sure your premium is paid when it’s due and that your bond is current.
- Have relevant industry experience.�If you’re experienced in your field, there’s always a chance you can get a lower bond premium. Again, talking to your surety company is the best option to figure out your options.
Still have questions about getting a lower bond premium? Single Source Insurance is here to help�give us a call and get a fast, free quote today!