Surety Bonds for License and Permit Bonds
What are License and Permit Bonds?
This bond is required as a condition of a municipality or other public body before granting a license or permit to engage in a specified activity. This bond is issued so that the party seeking the license or permit (the obligor) will adhere to relevant laws and regulations. These bonds are also structured to provide indemnity guarantees to third parties who sustain injury or damage as a result of the obligor’s activities as described in the license or permit. For example, businesses that may have designated parking signs for parking spots, that could fall onto a customer’s vehicle, resulting in damage.
License and permit bonds can be required of many businesses, including: auto dealers, auctioneers, health clubs, pay day loan companies and travel agencies. But it is important to note that it is not a small business insurance contract. As with other surety bonds, a license and permit bond protect the customer and not the business owner. If one chooses to practice without a license and permit bonds, there may be penalties involved if caught. In order to avoid penalties for your business, contact us today to see if you need a license and permit bond.
Who requires a license or permit bond?
Anyone seeking a license or permit to engage in a specific activity.
What is its purpose?
To make sure that anyone applying for the license or permit adheres to all relevant laws and regulations.
Get a License and Permit Bond today!
1) Fill out the form on our website – this takes 30 seconds of your time and we will get back to you with a quote in less than 24 hours (oftentimes within the hour).
2) Call us directly at 781-559-0568 – we are here to help!