Michigan Surety Bonds

The cost of a surety bond in Michigan largely depends on whether you are obtaining a license, contract or court bond. Some surety bond amounts are fixed in all states, while others are determined individually for each case, and are guided by state regulations.

The total surety bond amount is not the same as the surety bond cost. The cost, or premium, which you have to pay to get your bond is only a fraction of the total bond amount. How high your premium will be is determined by a number of criteria.

The most important among these is your personal credit score. Applicants with a high personal credit score are usually offered a lower rate on their premium. Such applicants receive premiums at standard market rates, which means between 1%-4% of the total bond amount.

Other criteria, such as personal and business financials, how long you have been in business, and your industry experience are also taken into account when determining your Michigan surety bond premium. Have a look at our surety bond cost page for detailed information on how premiums are determined.

Lance Surety Bonds also offers the possibility to applicants with less than perfect credit to obtain bonds. Through our Bad Credit Surety Bonds program applicants which would otherwise be deemed ‘high risk’ can still receive a bond.

Due to the greater risk involved in bonding such applicants, premium rates under this program are slightly higher. These range between 5%-15% of the total amount. Through our Bad Credit Surety Bonds program, we can offer a personalized strategy for high-risk applicants to get bonded, and get their business back on track.

Ready to get your bond? All you need to do is apply online. You will then receive a ‘no obligations’ free quote on your Michigan surety bond. When you are ready to proceed, simply follow the directions and submit any additional documentation that is needed.

Our application process is fast, secure and reliable and your rate will be sourced only from among professional surety bond companies. If you have any additional questions about Michigan surety bonds or how to get bonded just call us at (877)-514-5146. We will be happy to provide you with assistance or respond to any questions you have.

The principal buys a surety bond from the surety and pays a premium, or a percentage of the bond sum. In return, the surety extends the principal surety credit, essentially telling the obligee that this project is guaranteed to work out, whether done with this particular contractor or not, at no extra cost. The principal then follows the terms of the bond to finish the project; if no claims arise the principal pays nothing but the bond premium.

The length of time from application to issuance varies depending on the type of bond, promptness of premium payment and other factors. Most bonds are approved instantly upon completing our online application, and are generally issued one to two days after receipt of payment and a signed copy of the agreement.