Illinois Bond Insurance
In addition to performance bonds, R.C. Keller & Company can provide you with various bonds, like a license and permit bond, Notary bond, Auto Dealer bond and more. If you need a bond, we can help!
Commercial bonds, also known as non-contract, license/permit or miscellaneous surety bonds, are required by local or state laws and statues to legally operate a business. A surety bond is not an insurance policy, it is a guarantee, a form of credit. Surety bonds are not usually difficult to obtain with a little help from R.C. Keller & Company. We can help you get the right commercial bond for your business.
R.C. Keller & Company specializes in providing both large and small businesses with these but not limited to surety and contract bonds:
- Auto Dealer Bond: An auto dealer bond provides a guarantee to the state that the dealer will comply with state laws and regulations.
- Bid Bond: A bid bond provides financial protection if a bidder is awarded a contract but fails to sign the contact or provide the required performance and payment bonds.
- Contractor License Bond: A contractor license bond allows construction professionals to legally work in accordance to licensing laws and regulations, which will protect government agencies from potential financial loss. A separate contract bond may be required for specific construction projects.
- Insurance Broker Bond: An insurance broker bond certifies insurance professionals are performing their sales practices in accordance to the laws of their city and state. Insurance brokers must file proof of this bond before obtaining a business license in several states, including Illinois.
- License and Permit Bond: A license and permit bond protects the consumers by guaranteeing the business will adhere to laws and other regulations enforced by federal, state and local government agencies. These bonds also offer protection to governments and consumers from fraudulent practices carried out by the business being bonded. These bonds cost anywhere from $50 to $150 year and can be issued within minutes from our agency.
- Notary Bond: A notary bond is a legal binding contact, which guarantees the notary will complete tasks ethically and according to law.
Keep in mind just because you don’t see the bond here, doesn’t mean it can’t be done.
Why would you need a bond?
There are many reasons why bonds are required. A bond is usually required by a government entity to obtain a license or may be required by a written contract with a vendor or customer. Why would they want a bond? Well, they are requesting this because they want a financial guarantee, that you will complete the work required by the contract, or that you will be financially responsible and not steal the money or fail to remit tax money, you collected, that is due to the state. A bond requirement is sometime used to make sure that the person or company they are working with is trustworthy and operates their business with integrity and financially responsible. Bonding companies will evaluate your business based on financials, experience and previous claims or judgements. Business that don’t fair positively are less likely to get a bond approved or if they do it will be costly or require full collateral.
How Do Contractors Obtain a Surety Bond?
A surety bond is issued through an agent who is knowledgeable about the surety and construction industries. Independent insurance agents work for companies that specialize in surety bonds or in insurance agencies that have a sub-specialty in surety bonds.
A professional surety bond agent maintains a business relationship with multiple surety companies, which enables them to match contractors with an appropriate surety company. Also, a solid surety company and producer will help contractors maintain and increase its capacity.
Like so many other things in this world the key to getting your surety bond approved starts by working with a bond expert. R.C. Keller & Company has proven itself as an insurance agency that knows and is dedicated to getting you the bonds you need.
Being a client of R.C. Keller & Company, you can expect excellent service. Learn more about your options for bonds by filling out the Free Bond Quote Form at the right of the page. Get a free quote from one of our experienced agents and don’t go another minute missing out on another opportunity because you don’t have the bond you need.