There are literally hundreds of surety bonds in Texas for someone to obtain. It is up to you to understand what these bonds are and which one you may need for your purposes. Applications for obtaining a surety bond in Texas can be done online, and approval is determined in part by your credit. Those applicants with poor credit scores will have to pay a premium between five percent and 15% of the total bond price, as opposed to one to four percent for those with good credit ratings.
The cost of the bond is also dependent on the type of bond you are applying for. Some bonds have a standard cost nationwide. Others are specific to the individual bond type. Texas prides itself on having some of the best surety bonds companies in the industry.
Types of Surety Bonds
As mentioned, there are too many surety bonds to list in a single article. We’ll go into detail about three of the more popular surety bonds in Texas.
This bond is needed by car and auto dealers, as well as general contractors, in order to legally operate in the State of Texas. Transferring the ownership of a vehicle requires what is called a certificate of title bond. A contractor license bond is required by different cities throughout Texas but not by the state itself.
These bonds are required by Texas courts for numerous reasons. If you want to appeal a decision by the court, you will need what is referred to as an appeal bond. A guardianship bond is needed if you intend to become the guardian of a minor or of an individual who is disabled.
These types of bonds are most often used for construction projects. They are typically required by the city in which the construction project is taking place and not by the State of Texas. A contractor bond is required before you are even allowed to bid on a project.
Obtaining a Surety Bond in Texas
As a business owner in Texas, before deciding on the type of bond you are applying for, you must first determine if you are even able to be bonded. Working with an insurance company usually helps you get to that determination, but the actual bond process will be done by bond professionals.
Licensed bail bond agents are the ones who handle the actual process of obtaining a surety bond. They will assess your liability and walk you through the process of paying your claims.
Search for License Bail Bond Agents in Texas
PCS Bail Bonds has over 25 years of experience in the bail bond industry. We can offer you advice on obtaining surety bonds in Texas. Simply call us toll-free at 888-335-1655 and we can answer any questions you may have.
“Texas Surety Bonds,” JW Surety Bonds, last accessed July 22, 2016; http://www.jwsuretybonds.com/surety-bonds/licensed-states/texas_surety_bond.htm.
Weisbrot, E., “How to Get Bonded and Insured,” JW Surety Bonds, last accessed July 22, 2016; http://www.jwsuretybonds.com/info/how-to-get-bonded-and-insured.htm.
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