Whatever type of surety bonds your business needs, at Safeguard Insurance we have the experience to provide you with the right type of surety bonds, at an affordable price.
Surety Bond Requirements in the State of Nevada
Many businesses that operate in Nevada are required to purchase a surety bond. A bond may be required to obtain a business license, typically from the State or local government. You may also be required to purchase a bond to guarantee payment of sales tax, or protect the public from employee dishonesty. For example, contractors are required to purchase a specific license bond and may also need performance and payment bonds, also known as contract surety bonds. Auto dealers and repair shops are required to purchase special DMV bonds to obtain their business license.
How Does a Surety Bond Work?
It is important to remember that surety bonds are not insurance. Bonds are a financial guarantee issued to a third party called the “obligee”. A bond is a credit relationship between the party purchasing the bond and the bonding company that issues the guarantee. If the obligee makes a claim against your surety bond, the bonding company expects you to fully reimburse them for the amount of the claim, plus any legal expenses incurred. Take a moment and read our blog article, Surety Bond Basics, for a more in-depth look at how bonds are underwritten and priced.
Does Surety Bonding Require a Credit Check?
In some cases, a credit check will be required. Bonds are generally personally indemnified (guaranteed) so the credit score of the business owners is an underwriting factor. If the type of bond you need requires a credit check our agents will advise you. Please note that a credit check from a surety bond company is considered a “soft” inquiry.
Types of Commercial Surety Bonds
At Safeguard Insurance we write all types of surety bonds, for nearly every type of business:
Get a Surety Bond Quote
Complete the request form on this page, or call us at 702-638-0022 for a no-obligation quote. Our surety bonding team can usually provide quotes in a matter of minutes. Many bonds can be issued the same day.
Safeguard Insurance is located in Las Vegas, NV. We are licensed to provide surety bonds in Nevada, Arizona, Utah, California, New Mexico, Idaho, Oregon, Washington, and Texas.