The State of Florida requires many different kinds of surety bonds to allow professionals, contract workers, and organizations to do business there. The necessary liability amount (known as the bond’s penal sum) for your company is set by various regulatory authorities — usually departments within the state government. Different industries have different penal sum requirements.
Some policies are available for a set fee amount paid annually, while other bond premiums may vary based on your credit rating. If you would like to know how much your Florida surety bond will cost, or you are unsure of how much coverage your business needs, the experts at NNA Surety Bonds can help.
The $50,000 Florida collection agency bond reassures clients that your organization follows the state’s licensing requirements and takes its customers’ liability seriously. Commercial debt collection agencies can expect to pay an annual premium of $500 for this Florida surety bond.
In Florida, a contractor surety bond is often referred to as a “general contractor’s license bond.” This type of construction bond is required if you alter or build any structure. Contractors in good financial standing can get the $25,000 bond coverage required by the state for an annual premium of $125.
Florida construction contractors with a FICO credit score below 660 are required to get a surety bond. The cost of a Florida 660 construction bond starts at $300. However, taking a board-approved 14-hour financial responsibility course may reduce the premium you pay for the bond.
Financially responsible officers operating in Florida must prove financial responsibility by either posting an Irrevocable Letter of Credit (ILOC) or a FRO bond in the amount of $100,000. The Florida financially responsible officer bond is available for purchase today. Get yours for a flat rate of $1,000.
If your company provides health care services and accepts Medicaid payment, then you are required to maintain a $50,000 Medicaid provider bond to conduct business in Florida. You can purchase surety bond coverage for your health care business for as little as $1,000 per year.
A $5,000 surety bond is necessary to work as a process server in the state of Florida. If you deliver legal documents, file and retrieve court papers, or perform other duties of a process server, then you’ll need to carry the proper bond coverage to protect plaintiffs. This bond can be purchased for a premium rate of $100 per year.
As a public adjuster, you must post a $50,000 bond to adhere to FL state guidelines. With this bond, consumers are protected from financial losses that may occur as a result of a public adjuster violating terms of their bond agreement. The bond’s annual premium costs $500.
To work as a Florida title agent, you need to post a $35,000 surety bond. Proper bonding is required to comply with FL state law regulating the closing process of a real estate settlement. A title agent’s bond helps protect the homebuyers and sellers you work with in the event that your actions result in financial loss for your clients. The premium for this surety bond is $350 per year.
|Bond Name||Coverage Amount||Cost
|Collection Agency Bond||$50,000||$500||Florida Office of Financial Regulation|
|Contractor's License Bond||$5,000 - $20,000||$150 - $2,000||Florida Construction Industry Licensing Board|
|Florida 660 Construction License Bond||Varies*||Varies*||Florida Construction Industry Licensing Board|
|Florida Financially Responsible Officer Bond||$100,000||$1,000||Florida Construction Industry Licensing Board|
|Medicaid Provider Bond||$50,000||$1,000||Florida Agency for Health Care Administration|
|Process Server Bond||$5,000||$100||Your local Florida county judicial court|
|Public Adjuster Bond||$50,000||$500||Florida Department of Financial Services|
|Title Agency Bond||$35,000||$350||Florida Department of Financial Services|
* Cost can vary depending on the bond amount required and your credit rating
Our knowledge of surety bond requirements enables us to provide accurate quotes quickly. For guidance through the process of selecting surety bonds in Florida, whether you are starting a business or renewing an existing license bond, talk to one of our experts today.