How to Be Qualified for a Surety Bond
- 1). Contact a licensed insurance provider that specializes in surety bonds to learn more about monthly premiums and specific criteria such as the minimal annual income needed to qualify for a surety bond. Visit your secretary of state or small business assistance website for a list of licensed surety bond providers.
- 2). Provide a copy of your business plan that outlines your business' organizational structure. Your business plan should include both short- and long-term goals, a description of the goods and services provided and a list of all management positions and duties. Include a copy of the articles of organization or articles of incorporation if your business is registered as a limited liability company or corporation.
- 3). Submit tax and accounting records for the past year as well as an active client list. Insurance providers use this information to determine the financial strength of your business and to gauge potential financial risk.
- 4). Submit a list of business references to establish credibility and demonstrate your integrity to insurance providers. References may include past and present clients, vendors, subcontractors or industry contacts. Provide names, addresses, business phone numbers and email addresses.
- 5). Provide a list of banks and creditors you regularly conduct business with to show you are in good standing with all business accounts.