Several factors can affect a surety bond’s premium, primarily the risk associated with the specific bond type. Bonds that have limited risk, such as those for notaries, can be issued instantly without a credit check for a low, flat rate. Bonds that have significant risk, such as those for contractors, typically require underwriting consideration to determine pricing.
When bonds require underwriting, standard market rates are typically calculated at 1-3% of the bond amount. For example, a $20,000 bond for a dealer, crusher, or body shop would cost just $200-$600 provided the applicant qualifies for a standard market.
Consulting a surety expert is the best way to determine your exact surety bond cost in Utah. You can request a free quote online instantly or by calling 1 (800) 308-4358 to speak with an experienced bond specialist. SuretyBonds.com works with you to provide the lowest available rate for your request.