What is an Insurance Broker Bond?
Regulated by each state, insurance brokers and agents sell or negotiate insurance policies in exchange for financial compensation. Additionally, some also work with their insured customers to develop risk mitigation strategies. To legally operate, insurance agents must be licensed in the states in which they operate.
In addition to being licensed, most states require insurance brokers, whether operating as a broker company or an individual, to also become bonded. Insurance Broker Bonds ensures strict compliance with state insurance laws, and provide protection to any person or group of individuals that may have been wronged as a result of a negligent act committed by a licensed insurance agent.
Questions about Insurance Broker Bonds
How much does an Insurance Broker Bond cost?
Bond premium for insurance agent bonds is typically a fraction of the bond amount and is paid for on an annual basis. Rates are quoted as a percentage of the total bond amount, which can vary among states. For example, the insurance broker bond amount in North Carolina is $15,000, while in Illinois it can be between $2,500 and $50,000. Due to the strict licensing requirements and state regulation, these bonds are considered to be less risky than many other types of license bonds. As a result, Lance Surety is able to aggressively offer quotes to both standard market applicants as well as those with less than perfect credit.
Applicants with stellar credit typically see rates between 1 to 3% of the bond amount. Due to our exclusive high risk programs, bad credit programs rarely exceed 7.5%.
How do I get an Insurance Broker Bond?
The first step is to apply online. Our website has a state-of-the-art online application that offers instant quotes upon completion. Once you’ve received our quote, you’ll just need to pay your bond premium and provide a signed copy of the indemnity agreement, which will be emailed to you.
To learn more about the bonding process, visit our page on “How To Get Bonded”.
Do you offer bad credit programs for Insurance Brokers?
Yes, we offer a variety of exclusive bond programs for insurance agents that have less than perfect credit. We take great pride in being able to simply the bonding experience, by being able to approve over 99% of all applicants. Our bad credit applicants usually receive approvals from our company at half the rate most competitors are able to offer.
How can I lower the rate for my broker bond?
Rates for insurance broker bonds are based almost only on the personal credit of the applicant. Therefore, anything you can do to improve your credit profile, such as paying off any past due collections or tax liens, can go a long way towards lowering the price of your bond. Demonstrating that you have industry experience via a resume, or financial success through financial statements can also help to “Finding the Lowest Surety Bond Rates”.
Find Your Surety Bond
|Arizona||Insurance Broker||Director of Insurance||Apply Now|
|Arizona||Department of Insurance Administrator Bond||State of Arizona||Apply Now|
|Arizona||Health Care Card Provider Bond||State of Arizona, Department of Treasury||Apply Now|
|Arkansas||Third Party Administrator Bond||Arkansas Insurance Dept. License Division||Apply Now|
|California||Bond of Public Insurance Adjuster||State of California||Apply Now|
|California||Insurance Adjuster Bond||Producer Licensing Bureau||Apply Now|
|California||Bond for Insurance Broker||Producer Licensing Bureau||Apply Now|
|Colorado||Public Adjusters Bond||Colorado Division of Insurance||Apply Now|
|Connecticut||Third Party Administrators (TPA) Bond||CT Dept. of Insurance||Apply Now|
|District of Columbia||Public Insurance Adjusters Bond||Department of Insurance, Securities and Banking||Apply Now|
|Florida||Public Adjuster's||Florida Department of Financial Services||Apply Now|
|Florida||Insurance Broker||Bureau of Licensing||Apply Now|
|Georgia||Public Adjuster||Georgia Insurance Commissioner||Apply Now|
|Georgia||Insurance Counselor Bond||OFFICE OF INSURANCE AND SAFETY FIRE COMMISSIONER||Apply Now|
|Georgia||Third Agency Bond||Office of Commissioner of Insurance||Apply Now|
|Hawaii||Public Adjuster Bond||Hawaii Insurance Division||Apply Now|
|Idaho||Bond Of Public Adjuster||Idaho Department of Insurance||Apply Now|
|Illinois||Insurance Broker||Dept of Financial & Professional Regulation||Apply Now|
|Illinois||Preferred Provider Program Administrator||IL Dept. of Insurance||Apply Now|
|Illinois||Third Party Administrator||Illinois Department of Insurance||Apply Now|
|Iowa||Insurance Adjuster Bond||Iowa Insurance Division||Apply Now|
|Iowa||Third Party Administrator||Insurance Division||Apply Now|
|Kentucky||Financial Responsibility||Office of Insurance, Agent Licensing Division||Apply Now|
|Louisiana||Public Adjusters||Department of Insurance||Apply Now|
|Louisiana||Insurance 3rd Party Administrator Bond||Louisiana Department of Insurance||Apply Now|
|Maine||Insurance Consultant's License Bond||BUREAU OF INSURANCE||Apply Now|
|Maine||Insurance 3rd Party Administrator Bond||Dept of Professional & Financial Regulations||Apply Now|
|Maryland||Automobile Insurance Fund Producer||Maryland Automobile Insurance Fund||Apply Now|
|Maryland||Insurance Administration Insurance Advisor||MD Insurance Commissioner||Apply Now|
|Maryland||3rd Party Administrator Bond||Maryland Department of Insurance||Apply Now|
|Minnesota||Public Adjuster Surety Bond||Department of Commerce||Apply Now|
|Mississippi||Public Adjuster||Mississippi Department of Insurance||Apply Now|
|Missouri||Third Party Administrator||State of Missouri||Apply Now|
|Nevada||Administrators As Provided By NRS 683A||Nevada Division of Insurance||Apply Now|
|New Jersey||Public Adjuster||State of NJ Dept. of Banking & Insurance||Apply Now|
|New Jersey||Insurance Broker||Commissioner of Banking and Insurance||Apply Now|
|New Mexico||Insurance Adjusters Surety||New Mexico Public Regulatory Commission Licensing||Apply Now|
|New York||Adjusters||NY Insurance Department - Licensing Bureau||Apply Now|
|North Carolina||Public Adjuster Insurance||North Carolina Dept of Insurance||Apply Now|
|North Carolina||Broker Insurance||Commissioner of Insurance||Apply Now|
|Ohio||Public Insurance Adjuster||Ohio Superintendent of Insurance||Apply Now|
|Ohio||Electronic Individual Public Insurance Adjuster||Department of Insurance, Licensing Division||Apply Now|
|Ohio||Insurance Broker||Dept of Insurance||Apply Now|
|Oklahoma||Public Adjuster's Bond||State of Oklahoma Insurance Commissioner||Apply Now|
|Oklahoma||Third Party Administrator's||People of the State of Oklahoma||Apply Now|
|Pennsylvania||Public Adjuster||Pennsylvania Insurance Department||Apply Now|
|South Carolina||Insurance Broker||Dept of Insurance||Apply Now|
|South Carolina||Insurance Broker Bond||Dept of Insurance||Apply Now|
|South Carolina||Insurance Administrator Bond||South Carolina Department of Insurance||Apply Now|
|South Dakota||Discount Medical Plans Bond||SD Dept. Labor & Regulation Division of Insuranc||Apply Now|
|Tennessee||Public Adjusters||TN Department of Commerce||Apply Now|
|Texas||Public Insurance Adjuster Bond||Texas Department of Insurance||Apply Now|
|Texas||Insurance Agency||Department of Insurance||Apply Now|
|Texas||Discount Health Care Program Operator||Texas Department of Insurance||Apply Now|
|Utah||Third Party Administrator Bond||Utah Department of Insurance||Apply Now|
|Washington||Insurance Broker's Bond||Insurance Commissioner||Apply Now|
|Washington||Insurance Agents/Brokers Bond||State of Washington||Apply Now|
|West Virginia||Financial Conditions Division Administrators Bond||West Virginia Insurance Commissioner, Financial Co||Apply Now|
|Wisconsin||Employee Benefit Plan Administrator||Wisconsin Office of The Commissioner of Insurance||Apply Now|
|Wyoming||Third Party Administrator||State of Wyoming||Apply Now|