DC Surety Bonds
Washington DC requires surety bonds of many businesses. In most cases, you may need a surety bond in DC because you’re trying to get a state license. Especially if you’re a contractor, car dealer, or home care provider. Bonds are often required to protect consumers from the actions of your business. For example: Let’s say your company is bonded and you enter into a contract with someone. If you break that contract, the surety bond may guarantee that the person will be paid back for their loss. However, DC surety bonds are different from traditional insurance policies. If the surety company pays a claim, they expect to be reimbursed by you and your company.
How do I apply for a surety bond in DC?
Applying for your bond is easy. Choose your bond type from the drop down list below then click “Get Your Bond Quote”.
Most bonds are approved as soon as your application is received.
DC Contractor Bonds
If you own a construction company in Washington DC then you most likely need a surety bond. You may need a construction license bond to get your license. Additionally, you may need performance and payment bonds for public projects. As mentioned above, DC surety bonds are a form of financial protection in case you do something wrong. Each bond is different and coverage is determined by the bond form used. In most cases, the state or person asking for it will provide the form. In other cases, the surety company can use a generic form to satisfy the request.
DC License Bonds
License bonds in Washington DC are required by the state to get your state license. They’re also known as compliance bonds because they’re needed to make sure you comply with state regulations. The most popular types are construction license bonds and car dealer bonds. This is probably because they’re two very common industries. Unfortunately, they’re also industries which have a high level of non-compliance. For example: Many homeowners have been ripped off by home improvement contractors. That’s not to say that your company will be one of those contractors but that others have done so in the past. This is why the District of Columbia requires a bond to get these license types. The district wants to ensure consumers are protected and bonds often are used as a tool to do so.
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