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  1. Bond Magician
    Bond Magician is offline Senior Member
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    Oct 2007
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    Do I have to be in business for a certain amount of time?

    Hello,
    Do I have to be in business for a certain amount of time in order to be approved for a surety bond? Does it help if an applicant is an established business?
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  2. Surety Queen
    Surety Queen is offline Surety Professional
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    Oct 2007
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    558

    Commercial Bonds

    Quote Originally Posted by Bond Magician
    Hello,
    Do I have to be in business for a certain amount of time in order to be approved for a surety bond? Does it help if an applicant is an established business?
    Certainly the length of time in business can affect Surety's approval of a bond. Depending upon the bond type, it can also affect the premium. Keep in mind though, that personal credit of the owners of the company is also a factor. The larger the bond, the better it is to have been in business for a while - especially if you are able to provide business financial statements.
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  3. h2o
    h2o is offline Senior Member
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    Sep 2008
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    117

    Do I have to be in business for a certain amount of time?

    Quote Originally Posted by Surety Queen
    Certainly the length of time in business can affect Surety's approval of a bond. Depending upon the bond type, it can also affect the premium. Keep in mind though, that personal credit of the owners of the company is also a factor. The larger the bond, the better it is to have been in business for a while - especially if you are able to provide business financial statements.
    When reviewing the business financials, is there a certain net worth you are looking for in relation to the bond amount?
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