Arizona Surety Bonds
Surety bonds in Arizona are often needed if your company is doing business in the state. They’re commonly used to protect consumers from harm caused by you or your company’s actions. Harm is usually caused when your company breaks a rule which applies to your state license. In some cases, surety bonds may ensure that you’ll perform a contract or pay your suppliers. The most common types of Arizona surety bonds are as follows:
- License Bonds – License bonds are needed when applying for your state license. They typically guarantee you and your company will comply with the laws which govern your industry. A good example of this type is a car dealer bond.
- Contractor Bonds – Contractor bonds are used if your company is involved in the construction industry. They’re needed if your company is applying for a contractor’s license in the state. A good example of this type is a construction license bond.
- Performance Bonds – These bonds guarantee that your company will perform a contract. They’re common when performing a public project and protect tax payer dollars.
As with other states, there are many different types of surety bonds. Other examples include probate and injunction bonds.
How do I apply for an Arizona Surety Bond?
You can get a firm surety bond quote by choosing your bond type in the menu below and clicking on the “Get Your Bond Quote” button. Ball park estimates can be found by reading the “How Much Does an Arizona Surety Bond Cost” paragraph below.
How much will my bond cost?
In most cases, your Arizona surety bond cost is based on your personal credit score. The higher your score, the lower your cost. For example: A person with a 700+ credit score may pay $100 for a $10,000 bond. However, a person with a 450 credit score may pay about $800 for the same bond. Industry type, previous experience, and other factors may help reduce your cost. You can also visit our surety bond learning center to learn more about what a surety bond costs.
How long will it take to get a Surety Bond in Arizona?
The short answer is not long at all. Arizona surety bonds are normally issued the same day you apply for one. You’ll be able to print a copy of your bond as soon as it’s been processed. Processing time is generally 30 minutes after payment has been received. Additionally, if your license type requires an original surety bond, you can request overnight shipping. This allows you to receive it the very next day.
Learn more about Arizona license bonds
As mentioned above, license bonds are usually required to get your state license. Each one is different and depends on your business type. In most cases, the state department won’t issue your license until you send them a surety bond. The bond must be printed on the correct form and include a power of attorney. Otherwise, it could be rejected and delay your license being issued. While there are many license bond types, the most common is the Arizona Dealer Bond.
Learn more about Arizona contractor bonds
Contractor bonds in Arizona are very similar to those mentioned above. They’re listed separately because they’re one of the most commonly needed types. You can learn more about them by visiting our AZ Contractor Bond or How to Get an Arizona Contractor License pages.