There are a wide variety of professions that require surety bonds, and while some are common, like contract surety bonds for the construction field, you may be surprised at some of the others. A surety bond is a form of a guarantee that you will complete the work you have committed to perform, and there are thousands of different types of bonds for just as many occupations.
License and Permit Bonds
License and permit bonds, also known as L&P Bonds, are one of the most common types of commercial surety bonds because almost every business requiring a license or permit to do business must get a surety bond to obtain the required license or permit. Simply put, if you need a license or permit to do business, you also need a surety bond.
Some common license and permit bonds are for those who sell items such as lottery tickets, alcohol, and tobacco. Another common type of surety bond is a sales tax bond, which financially guarantees that a business will pay sales taxes to the state or local government. Broker bonds which are needed if you are an insurance, mortgage, or real estate agent, are also common types of license and permit bonds.
Some less common, but still as important, types of surety bonds include athletic contest or promoter bonds. If you are putting on or promoting an athletic event like a local 5K run or wrestling match, you may not realize you need a license and permit bond in addition to your permit.
To obtain a license and permit surety bond, you must work with a licensed insurance agent. Licensed in all 50 states, Brunswick Companies can help you determine if a surety bond is needed for your profession or event and also help guide you along the process.
Contact us at 800-686-8080 or complete the Surety Bond Form to get a quote today.
