Buying a surety bond does not have to be confusing. A few simple questions up front save you time and money. Here are the five to ask before you buy.

1. What bond do I actually need?

There are many bond types, and the names sound alike. Make sure you are buying the exact bond your license, contract, or court requires. The name is usually on your paperwork. When in doubt, ask, so you do not buy the wrong one.

2. What is the bond amount?

The obligee sets the amount. Confirm it before you buy, because it drives your price. Remember the amount is the most a claim could pay, not what you pay out of pocket.

3. What will it cost me?

Ask for a clear quote. Small bonds may be a flat fee. Larger bonds are a percent of the amount, based on your credit. A good agency gives you a straight number, not a runaround.

4. How fast can I get it?

If you are on a deadline, say so. Many bonds can be issued the same day. Knowing the timeline up front keeps you from missing a license, bid, or court date.

5. What happens at renewal?

Most bonds last a year. Ask when it expires and what renewal looks like, so it does not sneak up on you. A good agency reminds you before the date.

Bonus: who am I buying from?

Work with a licensed agency that shops several markets and answers the phone. Junno Surety does all of that. Ask us these questions, and we will give you honest, simple answers and a fast quote.

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