What’s a Professional Solicitor Surety Bond?
A professional solicitor surety bond is a promise to pay when something goes wrong. While that’s a very generic description, bonds often protect consumers when businesses don’t follow the rules which govern their industry. Most people refer to them as telemarketing surety bonds but, in some cases, states require them of any professional solicitor. The definition of professional solicitor or fundraiser varies among each state. It’s usually best to check with your specific state to see if they require a bond before doing business as a solicitor.
What do Professional Solicitor Bonds cost?
The cost of these bonds depends on a few factors. The first being your personal credit score. A person with excellent credit can often get a bond for about 1% of the bond amount. A person with a lower credit score can still get a bond for a great price but they’re typically a little more expensive.
The second factor is the bond amount needed. The cost of a surety bond is a percentage of the bond amount. For example: Let’s say you’re in need of a $50,000 Solicitor Bond. A 1% rate means your cost would be $500, a 2% rate means your cost would be $1000, and so on.
Finally, other factors like financial statements can also reduce your bond cost but aren’t necessarily needed to apply for a bond.
How do I apply for a Professional Solicitor Surety Bond?
- Complete our online Professional Solicitor Surety Bond application, or
- Download and complete our printable Professional Solicitor Surety Bond application, and
- Receive your surety bond quote in minutes!
Who needs a Professional Solicitor Bond?
Fundraisers, telemarketers, and other businesses who raise money or solicit for a fee may need a professional solicitor bond. The requirement depends on your state and business type. For instance, the State of Florida requires a $50,000 telemarketing bond while South Carolina requires a bond amount of anywhere from $10,000 – $50,000.
How long does it take get a surety bond?
You can receive your bond the same day we receive your application in most cases. These bonds are easily approved and require very little underwriting information. However, if you submit an application after hours, we can issue your bond the following day.