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Surety1.com provides Minnesota Surety Bonds for many state license requirements. To obtain some professional licenses within the state, a surety bond must be provided. Performance and Payment Bonds are a requirement to perform public works construction projects within the state as well as bid bonds. Use the list below to find the specific bond for your situation. Surety1.com represents over a dozen surety bond companies and will always provide a competitive price, even if one has previously been declined surety credit.
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.
Overall, working with a surety bond only agency like Surety1.com is the best way to ensure that you get the right bond for your needs at the most competitive rate. Surety bond only agencies have the expertise, convenience, relationships, and advocacy that you need to get the job done.
What is a surety bond?
A surety bond is a three-party agreement between the principal (the person or business that needs the bond), the obligee (the person or entity that requires the bond), and the surety (the company that issues the bond). The bond guarantees that the principal will fulfill their obligations to the obligee. If the principal fails to do so, the surety will pay the obligee up to the amount of the bond.
What types of surety bonds are required in Minnesota?
There are many different types of surety bonds required in Minnesota, including:
- Construction bonds: Bid bonds, performance bonds, and payment bonds
- License and permit bonds
- Court bonds
- Probate / Fiduciary bonds
- Public official bonds
- Miscellaneous bonds
Why are surety bonds required?
Surety bonds are required to protect the public and businesses from financial losses caused by fraud, incompetence, or other wrongdoing. For example, a construction bond protects the project owner from financial losses if the contractor fails to complete the project or goes out of business. A license and permit bond protects the public from financial losses if a licensed professional commits fraud or malpractice.
See our “What is a Surety Bond” Video.
See our “How does the Surety Bond Process Work” Video
How much does a surety bond cost in Minnesota?
The cost of a surety bond in Minnesota varies depending on the type of bond, the amount of the bond, and your financial strength and creditworthiness. Generally speaking, the higher the amount of the bond and the riskier the business, the higher the premium will be. Surety1 represents over a dozen different surety companies to get you the bond you need at a competitive price.
Common Minnesota Surety Bonds
These are some of the more common types of Minnesota Surety Bonds. Scroll down for a comprehensive list of bonds. If you do not see the bond listed, a description can be added.
Surety1.com offers easy to navigate and secure online applications. If you encounter any problems along the way, contact us via email @ info@surety1.com or phone (877)654-2327. Our friendly professional surety bond agents are ready to help.
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.
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.