Surety Bond Services
The right surety bond at the right price.
Surety Bond Service in the Baltimore Area
Are you in need of a surety bond but don’t know where to start? We’re here to help. Our experienced financial experts will help you navigate the process of finding the right surety bond for your needs.
No matter the type of bond you need, we’ll work with you to understand your situation and create a custom surety bond that offers the maximum benefit for the lowest possible cost.
Get a Free Instant Surety Bond Quote
Need to get a free surety bond quote right now? Simply click below, answer a few simple questions, and get multiple quotes on the type of bond you need.
The Types of Surety Bonds in Maryland
Contractor License Bonds in Maryland
Rather than guarantee an individual project, this type of Maryland surety bond ensures that a contractor stays in compliance with the overall requirements to do business in the State of Maryland. It protects both consumers and the government agency issuing the license.
How Much Does a Contractor License Bond Cost?
The cost of a contractor’s license bond can typically range from 0.5% to 10% of the total that the bond promises to pay out. Many factors go into calculating this cost, including the credit scores, liquidity, and financial status of the applicant.
How Do I Get a Contractor License Bond?
In the state of Maryland, contractor license bonds are obtained through insurance companies that specialize in surety bonds. Since different insurance companies charge different rates, it’s important that agents get several quotes to present to their clients.
Bond Exchange sources more than 30 insurance providers and makes it easy to get a wide variety of quotes to match the requirements and budget of the contractor looking to purchase a license bond.
Home Improvement Contractor Bonds
A type of contractor license bond, obtaining a home improvement contractor bond in Maryland requires proof of financial solvency. If this cannot be provided, a contractor must purchase a minimum $20,000 surety bond for 2 years.
Contract Bonds in Maryland
This type of surety bond is attached to a specific project and often must be provided along with bids and proposals to acquire working contracts with the State of Maryland. It includes Bid Bonds, Proposal Bonds, Construction Bonds, Performance Bonds, and Supply Bonds.
Maryland Utility Deposit Bonds
If you have limited or a negative credit history, you might be required to pay a deposit in order to open an electricity, water, or gas service account. In this case, you can instead purchase a less expensive Maryland utility deposit bond that will be filed with the utility company.
Bonds for Motor Vehicle Dealerships
Whether selling cars or trailers, new and used motor vehicle dealerships in Maryland must carry a surety bond that ranges from $5,000 up to $300,000. The cost is determined by the type of dealership, how they buy and sell vehicles, and the number sold per year.
Employee Dishonesty and Janitorial Bonds
Businesses that perform services while in somebody else’s home or business (i.e. home cleaning service, janitorial service, and home health providers) must purchase an employee dishonesty bond to protect themselves and their customers from theft.
Maryland License and Permit Bonds
Certain businesses in specific industries are required to carry a surety bond in order to operate in the State of Maryland and protect themselves and others from mistakes. These include health clubs, real estate agencies, and tax preparation companies.
Maryland Workers Compensation Bonds
This type of surety bond ensures that employers will pay what they rightfully owe in worker’s compensation if an employee is injured on the job. If proper worker’s compensation is not paid, a claim can be taken out against the surety bond.
Federal Government and Public Official Bonds
The Federal Government often requires surety bonds, including Immigration Bonds, Customs Bonds, and Alcoholic Beverage Bonds. Additionally, local government agencies may require bonds for treasurers, notaries, court clerks, judges, and other public officials.
Get Surety Coverage in Maryland
As a business owner or independent contractor in Maryland, you may be required to carry one of over more than 200 types of surety bonds.
Luckily, there’s a way to make it easy to find the type of Maryland surety bond you need. Plus, you can get multiple quotes from more than 30 providers in minutes.
BondExchange is an industry-leading technology platform designed to make the complicated Maryland surety bonding process simple.
All it takes is a few clicks.
Contact Us Today
Need to get a free surety bond quote right now? Simply click below, answer a few simple questions, and get multiple quotes on the type of bond you need.