A surety bond is a contract between your business, a bond company, and the party requiring the bond. It shows your customers that your business has a solid financial history and a reputation for following through.
If your company fails to follow through with its obligations, someone can make a claim against your bond.
To get a surety bond in Maryland, follow the steps below.You can get a surety bond from an insurance agency or a surety bond agency. Many people choose to get their Marland bond through a surety bond agency because of better rates.
Many surety bond companies allow you to apply online for your bond. Browse available Maryland bonds.Since surety bonds are all about your follow-through, the underwriter will want to see that you are not at risk for non-completion of a project or a business.
The underwriter will evaluate the risk of bonding you, and provide you with your surety bond rate.That’s right; you do not need to pay the full bond amount to get bonded. You will just pay a percentage of the total amount.
