Georgia Power Company Utility Bond
What is a Georgia Power Company utility bond?
In the state of Georgia, utility companies require businesses to post a surety bond if a security deposit cannot be provided to establish their commercial utility accounts. Also known as utility deposit bonds, these types of surety bonds are a financial guarantee to pay for utility services such as electricity, gas, and water should a business default on its payments to the utility company. The Georgia Power Company utility bond is an example of this type of bond, and it is required specifically for Georgia Power commercial customers.
How much does a Georgia Power Company utility deposit bond cost?
From other surety companies, the cost for this bond will vary and often require a credit check. Through NNA Surety Bonds, you can get this bond for $100 per year with no credit check required.
Who needs a Georgia Power Company utility bond?
In order to protect themselves from financial loss, Georgia Power requires their commercial customers to have this bond instead of a security deposit. If your commercial business is located within Georgia Power's service territory, chances are that you will need a surety bond to establish an account prior to any services being rendered. This bond helps ensure that your business is entering a dependable working relationship and will also make all the necessary payments to the utility company on time.
How do I get a Georgia utility deposit bond?
You can get the Georgia Power Company utility bond instantly with NNA Surety Bonds. Give us a call or click this link to purchase your bond today — no credit check required, no hassles!
How does a Georgia utility bond work?
A type of surety bond, power company utility bonds are required by utility companies such as Georgia Power, which serve as the obligee. The obligee is the entity requiring you to get the bond. You, as the policyholder, is known as the principal. The company you buy your bond from is referred to as the surety.
Unlike commercial surety bonds that protect the public, utility bonds protect the utility company by ensuring payment in the event of default by the business owner. In such instances, the utility can file a claim for payment from your bond. If you are found at fault, the surety would pay the utility and you will need to pay the surety back.
Can I get a Georgia Power utility bond even if I have bad credit?
Since credit is a large part of the underwriting process for most surety bonds, it can be a big concern for those with credit issues when applying for a surety bond. The Georgia Power utility bond starts at $100 and doesn't require a credit check if purchased through NNA Surety Bonds.