California Surety Bonds: Why is my personal credit a factor?

We get asked a lot, “Why does my personal credit determine what I pay? I’ve never had a claim!” I agree with you, there should be some way that you’re bonding claims history can be pulled and used for your future California Surety Bond. We’re hoping in the future this will become a factor. From an agency standpoint we have no say in how carriers determine their pricing. However, I can explain why your personal credit is used and how we can help.

Why:

Here’s the thing about California Surety Bonds, they are not like insurance. When you have a valid claim against your bond yes the carrier pays it. However, you are obligated to pay the carrier right back. It’s surprising how many people do not know this. When someone has good credit they are more likely to pay back money they owe. When someone has a history of not paying back debts they’re more likely to not pay back newly incurred debts. The carriers are aware of this and definitely take this into consideration.

How we can help:

Whether you’re looking for a Contractors License Bond, California Contractor Bonds, Performance Bond, Motor Vehicle Dealer Bond, or Talent Agency Bond we have the right markets for you. Our agency has access to several surety companies…and the ones you can’t find on Google or gain access to directly. When you submit a quote request to us we really do shop for you and offer you the best price out there. We can usually offer a payment plan as well. Here is what’s even better; we shop your California Surety Bond every year at renewal as well so you don’t have to. You can be assured every year that you’re paying the best price. So stop calling around and submitting as many quote requests as possible. We can offer in California, Arizona, Nevada, Washington and Oregon. Click here for your free, no obligation quote.