For many types of activities in Tampa, Florida, you or your business may need to get bonded. License bonds are often required if you want to obtain a professional license in accordance with city, state or federal rules.
Most Popular Surety Bonds in Tampa
The Florida Department of Highway Safety and Motor Vehicles imposes a $25,000 bond requirement for all dealers in the state. Tampa car seller also have to comply with this state licensing criterion to start their operations.
Tampa contractors have to get licensed with the state Department of Business and Professional Regulation. For each different license type, you need a different bond amount, which is between $5,000 and $20,000.
If you’d like to sell alcohol in Tampa, Florida, you will need a liquor tax bond. You have to present it to the Department of Business and Professional Regulation. The bond amount depends on the exact activity you want to conduct.
The state Office of Financial Regulation requires mortgage brokers and lenders in Florida to get a $10,000 bond before they obtain their licensing.
Travel agents in Tampa have to get a license from the Florida Department of Agriculture and Consumer Services. In the process, they have to post a seller of travel bond, and the required amounts are between $25,000 and $50,000.
Overview of Tampa surety bonds
Tampa surety bonds are just like all other bonds: they are a contract between three entities. The principal who has to get a bond is yourself or your company. The obligee is the city, state or federal body that imposes the bonding. The bond provider is the surety. In a sense, the bond is an extra guarantee for your legal compliance. It can be used to provide a financial compensation to parties who have suffered a loss as a result of potential illegal actions on your side.
Besides license bonds, you may also need contract bonds in Tampa. Construction professionals have to post them when bidding on public and private projects. The typically required bonds are performance and payment bonds. They are needed on a project basis.
In some cases, you may also have to post court bonds. For example, if you have to act as a fiduciary for another person’s assets, you’ll need such a bond. Another common case is when you want to forward a case to an appeal court.
Companies may need to post a utility bond if they want to use the services of the Tampa Electric Company (TECO). They have to use the provider’s official bond form. The bond rates are set on a case-by-case basis.
Do you need more information, or have questions about your Tampa surety bond? Just reach us at (877) 514-5146. Lance Surety Bonds’ experts are here to help.
Questions about Surety Bonds in Tampa, Florida
What’s the bond cost?
As with all bonds, your Tampa surety bond cost depends on the bond amount required by the relevant authorities. Your obligation is to pay a bond premium, which is only a fraction of it, often between 1% and 5%.
The bond premium is calculated on the basis of your credit score, business paperwork, plus liquidity and assets you may showcase. In this way, your surety judges the level of risk that it takes when getting you bonded. You can expect to pay less for your bond if your finances are stable.
Can I get bonded with bad credit?
You can get bonded even with bad credit via our Bad Credit Surety Bonds program. It provides a bonding option for applicants with low credit scores, tax liens, bankruptcies, civil judgements, and similar financial problems. You can use it for all bond types except for contract bonds.
The bond premiums are slightly increased to compensate for the higher risk. They are often in the range of 5%-15%. Still, as we forge close partnerships with a number of A-rated, T-listed surety companies, we can offer you an excellent bonding rate irrespectively of your credit score.
How do I get my Tampa surety bond?
If you want to learn more about the way bonding works, make sure to go through our How to Get Bonded page. Have more questions? You can always call us at (877) 514-5146.