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Bond Types Click to Apply
1st Mortgage Broker/Lender Bond
2nd Mortgage Broker/Lender Bond
Apprenticeship Bond
BMC-84 Surety Bond /Freight Broker / ICC Transportation Bond
Business Service Surety Bond
Collection Agency Bond
Consumer Financial Services Class I License Bond
Court Bonds – Fiduciary (Probate) Bonds
Court Bonds – Non fiduciary
Customs Bonds – Surety Bonds Required by the CBP
Debt Management Bond
Deferred Presentment Service Provider Bond
Driver Education Provider Bond
Easy Application Performance Bonds
ERISA Surety Bond
Federal Distilled Spirits / TTB Surety Bond
Fuel Dealer, User or Seller Bond
H-2A Farm Labor Contractor Bond
Information Purchaser’s Bond
Insurance Premium Finance Company Bond
Janitorial Surety Bond
Liquor Control Commission Bond
Lost Cashier’s Check Bond
Lost Stock Certificate Surety Bond
Medicare / DMEPOS Surety Bond
Money Transmitter Bond
Mortgage Loan Originator Bond
Mortgage Servicer Bond
Motor Fuel, Motor Carrier, Tobacco Products Bond
Municipality Contractor ‘s License Bonds
Non-Depository Sales Finance Company Bond
Non-Retail License Bond
Other / Don’t Know Surety Bond
Patient Trust Bond
Performance and Payment Bonds
Personnel Agencies Bond
Michigan Private Trade School Bond
Private Detective Agency Surety Bond
Professional Fund Raiser Surety Bond
Professional Investigator/Agency Bond
Proprietary School Bond
Sale of Beer, Wine & Spirits for Consumption on Site Bond
Sales Finance Company Bond
School of Cosmetology Bond
Scrap Tire Collection Site Performance Bond
Security Guard Agency Surety Bond
Surplus Lines Agent’s Bond
Third Party Organization Driver Skills Test Deposits Bond
Third Party Testing Organization Surety Bond
Title to Mobile Home Uniform Bond
Utility Payment Surety Bonds
Vehicle Dealer Bond
Vehicle Title Surety Bond
Veteran Affairs Custodian Bond


Learn about Michigan surety bonds

Michigan surety bonds are types of financial guarantees required by the state of Michigan for various professions and businesses. It acts as a safety net for consumers and the government in case the bonded business or individual fails to comply with their obligations. Here are some key points about Michigan surety bonds:

Who needs them: They are required for a wide range of professions and businesses, including contractors, money transmitters, security alarm companies, and public adjusters.

What they guarantee: The specific guarantee depends on the type of bond, but it generally covers things like completing a project according to contract, paying taxes, or following the law.

How they work: The bond is a three-party agreement between the business or individual (the principal), the surety company that issues the bond, and the government agency or consumer (the obligee). If the principal fails to meet their obligations, the obligee can make a claim on the bond, and the surety company will be required to pay up to the bond amount

There are many different types of surety bonds required in Michigan, including:

Contract bonds
Bid bonds
Performance bonds
Payment bonds
License and permit bonds
Probate Bonds
Civil Court bonds

If your license or profession has no surety bond requirement attached to it but one still wants to “be bonded”, Surety1.com offers a Business Service Bond at a very affordable price.

See our “What is a Surety Bond” Video.
See our “How does the Surety Bond Process Work” Video

Surety1.com is a service of  AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.

Why Choose Surety1?

  • Experience: Surety1 has been in business since 2003, specializing in surety bonds nationwide, with specific experience in Florida.
  • Variety: We offer a wide range of Florida surety bonds for various professions and industries.
  • Competitive Rates: We offer competitive rates and work with over a dozen surety bond companies to find the best price for you.
  • Easy Online Application: Our user-friendly and secure online application process make for for quick and convenient bonding.
  • Licensed Nationwide: Licensed in all 50 states to serve all your surety bond needs.
  • Fast Service: We offer fast turnaround times for bond issuance.
  • Support: Surety1 has a team of surety bond professionals available to answer your questions and guide you through the process.
  • Positive Reviews: Surety1 has an A+ rating with the Better Business Bureau and positive reviews online.
  • Surety Bond Only Agency: Surety1 only provides surety bonds. Benefits of Working With a Surety Bond Only Agency

Why are surety bonds required in Michigan?

Surety bonds are required in Michigan for several reasons:

Consumer Protection: The primary reason is to protect consumers and the government from financial harm caused by businesses or individuals who fail to meet their obligations. The bond acts as a guarantee that, if something goes wrong, there will be financial resources available to compensate for damages or losses. For example, if a contractor takes your money but doesn’t complete the job, the surety bond can be used to pay for someone else to finish the work.

Promote Compliance: Surety bonds also incentivize compliance with laws and regulations. Knowing that a bond is in place encourages businesses and individuals to act responsibly and follow the rules, as failing to do so could trigger a claim on the bond and have financial consequences. This helps maintain a level playing field in the marketplace and protects against unethical practices.

Assurance of Financial Stability: In some cases, surety bonds serve as a confirmation of financial stability for businesses or individuals. By requiring a bond, the government or licensing agencies can have some assurance that the bonded entity has the financial resources to complete their obligations. This can be important for professions like money transmitters or security alarm companies, where mishandling funds could have serious consequences.

Reduce Government Burden: Additionally, surety bonds can help reduce the burden on the government by providing an alternative to directly handling complaints and disputes. If a consumer has an issue with a bonded business or individual, they can make a claim on the bond instead of having to rely on government intervention. This can save time and resources for both the government and the individuals involved.

Overall, surety bonds serve as a risk management tool in Michigan, protecting consumers, encouraging compliance, and ensuring financial stability in various sectors.

It’s important to note that the specific reasons for requiring surety bonds may vary depending on the profession or business involved. The details and regulations are outlined in relevant state laws and agency guidelines.

How much does surety bond cost?

The bond premium is a percentage of the bond amount and is typically paid by the principal. The bond amount is the maximum amount that the surety company will be liable for in the event that the principal fails to fulfill their obligations under the contract.

The cost of the bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150 to$250. Surety1 will shop its many markets to procure the right price at the right terms.

What is a Surety Bond?

A surety bond is a three-party contract between a principal (the party who is being bonded), an obligee (the party who requires the bond), and a surety (the company that issues the bond). The surety guarantees to the obligee that the principal will fulfill its obligations under the contract. If the principal fails to fulfill its obligations, the surety will pay the obligee for its losses, up to the amount of the bond.

Surety bonds are required for a wide range of activities, including construction projects, public works projects, service contracts, and license and permit applications. They are also required for certain court proceedings, such as probate and bankruptcy.

Michigan Surety Bonds are important because they protect the obligee from financial losses in the event that the principal fails to fulfill its obligations. This can be especially important for large and complex projects, where the potential losses can be significant.

Here are some examples of how surety bonds are used:

  • A construction contractor may be required to obtain a performance bond to guarantee that the project will be completed on time and within budget.
  • A business owner may be required to obtain a license bond to obtain a business license.
  • A fiduciary, such as a trustee or executor, may be required to obtain a fiduciary bond to protect the assets of the trust or estate.
  • A defendant in a lawsuit may be required to obtain a court bond to guarantee that they will appear in court and pay any judgments that are entered against them

How to get a Michigan Surety Bond

Choose your bond below for a full description and to start an application. If you encounter any questions along the way, our professional surety bond agents are ready to assist. You can email the Surety1.com team at info@surety1.com or call (877)654-2327.

Michigan Surety Bonds

How to Get Bonded

1. Apply Online
Using our Free & Secure Application
2. Get Your Free Quote
Applications are No-Obligation
3. Get Your Bond
Most Bonds are Approved in 1-2 Business Days

Surety Bond Experts

Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.

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