Bonds

Protect Your Business Interests with Surety and Fidelity Bonds from PLS PRO

Let PLS PRO Help with Your Bonding Needs

A fidelity bond or surety bond can help protect the interests of your growing business. At PLS PRO, we combine the financial strength of our full service commercial Surety and Fidelity Bond Department along with more than 18,000 local agents to provide you or your business professional with superior service.

Surety Bond

Why do I need a surety bond for my business?

  • As a business owner, you may need a surety bond to guarantee payment for state sales taxes or utility bills.
  • Or as a contractor, you may need to post a license or permit bond to guarantee your work for licensing requirements with municipalities.
  • Attorneys may have clients that are required to post court bonds such as administrators or executors bonds to guarantee their performance while distributing assets in estate situations.
  • Notary publics are required to post bonds in most states.

Types of Surety Bonds

License and Permit Bond

License bonds guarantee the Principal will comply with applicable codes and regulations established by the Obligee (The Obligee is usually a government entity such as a City, Town, or State). Permit bonds grant a Privilege.

Types include:

  • Electrician’s license
  • Plumber’s license
  • General Contractor’s license
  • Driveway permit
  • Sign permit
  • Sales tax

Example: Electrical contractors may be required to post a bond as part of their licensing requirements. The obligation of the bond may specify that the contractor will follow the electrical codes established in that city, town, or municipality.

The requirements of the bond and ordinance must be understood before the bond is written. The agent may ask you to obtain a copy of the ordinance or law that specifies the requirements and a copy of the bond, if the Obligee has its own.

Depending upon the type of obligation, supporting documentation such as signatures, financial statements, and other supplemental information may be required.