What Is a Polygraph Examiner Bond?
In a number of states, polygraph examiners have to get licensed in order to operate legally. Often obtaining a polygraph examiner bond is a part of the licensing process. Such a bond may be needed for polygraph examinations under the exemptions set in the Employee Polygraph Protection Act.
This type of license bond aims to protect the general public and your customers from any fraudulent activities or misuse you may engage in. It guarantees you will follow the law while conducting your activities as a lie detector operator. In case you transgress from the rules, you can face a bond claim.
The way polygraph examiner bonds work is just like other surety bonds. They are a three-party contract. Your polygraph examiner company is the principal. The state authority is the obligee, which imposes the bond requirement. The surety is the entity that provides the bond and backs your business.
Questions about Polygraph Examiner Bond
Who needs to get this bond?
You need a polygraph examiner bond to get your state license if you want to operate in Texas, Mississippi, Alabama, Oklahoma, or South Carolina. It may become necessary in other states as well, so it’s best to check with your local authorities prior to getting licensed.
In additional to a state license and bonding, a $50,000 polygraph examiner bond is required of examiners who have to conduct services under the Employee Polygraph Protection Act of 1988. The bond requirement is set by the U.S. Department of Labor. It affects polygraph examinations under the Act’s exemptions.
Here are the specific bond details by state:
|Texas||The Texas Department of Licensing and Regulation requires a $5,000 bond from polygraph examiners. The bond must be posted in the official Polygraph Bond form|
|Mississippi||Polygraph examiners in Mississippi have to present a $5,000 bond to the Secretary of State to obtain their license.|
|Alabama||The Alabama Polygraph Examiners Board requires a $5,000 from all examiners who want to operate in the state.|
|Oklahoma||The Council on Law Enforcement Education and Training requires Oklahoma polygraph examiners to obtain a $5,000 bond.|
|South Carolina||Polygraph examiners in South Carolina have to present a $5,000 bond to the South Carolina Law Enforcement Division.|
How much does getting bonded cost?
To get bonded, you need to cover a bond premium. It is a small percentage of the bond amount you are required to obtain. In the typical case, you have to pay 1%-5% of the bond amount. For a $5,000 bond, this means a bond premium of up to $250.
The most important factors that determine your bond cost are your personal and business financials. Your surety considers your credit score, business finances, as well as assets and liquidity and business know how. On this basis, it takes a decision on the level of risk associated with bonding you. If your overall profile is stable, you can expect to pay less for your bond.
|Bond Type||Surety Bond Amount||Credit Sore|
|Above 700||Between 650-699||Between 600-649||Below 599|
|Texas, Oklahoma, Mississippi, South Carolina and Alabama polygraph examiner bond||$5,000||$100||$100-$125||$125-$250||$250-$500|
|U.S. Department of Labor polygraph examiner bond||$50,000||$375-$750||$500-$1,250||$1,250-$2,500||$2,500-$5,000|
Do you have more questions about your bond price formation? Make sure to refer to our surety bond cost page, which offers a complete overview on the topic.
Can I get a bond with bad credit?
It is possible to get bonded even if your finances are problematic. Lance Surety Bonds operates its Bad Credit Surety Bonds program to assist businesses with low credit scores, tax liens, bankruptcies, and civil judgements.
The bond rates for bad credit applicants are in the range of 5% and 10%. Since the bonding risk is higher, the increased price is there to compensate for it. However, you can still get a great price with us. We have close partnerships with numerous A-rated, T-listed surety companies, so we can shop around for you.
How Do I Get Bonded?
Do you want to start your bonding? You can apply online for a free, no-obligations polygraph examiner bond quote that you can see immediately. If you want the exact price, just provide us with your full application documents, and we will deliver it in no time.
Need more information about the bonding process? Our How to Get Bonded page can provide you with further details.
If you need help or have any questions, just call us at (877) 514-5146. Lance Surety Bonds’ specialists are here to help.
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