If you own a business in Minnesota, you may need to acquire a license bond to protect your customers. License and permit bonds provide protection to your customers should you fail to perform a specific duty. They make your business more reputable, but they can also be required depending on the industry in which you operate. Federal, state, and local municipalities require certain businesses to be bonded. To not carry these license and permit bonds leaves your business open to fines and penalties. If you don’t comply with these requirements, your license could be revoked.
License Bonds are usually required by the government to ensure that rules, standards, and guidelines are upheld by a licensed business or individual. This surety bond protects the public from faulty services and allows an individual to file a complaint.
Which Types of Businesses Need to Be Bonded
While not all businesses are required by law to be bonded, some are. Even if you are not required to have a bond, it can still be beneficial to your business. Some of the many types of license bonds that are available in the state of Minnesota include:
- Auto dealer bonds
- Collection agency bonds
- Contractor license bonds
- Auctioneer bonds
- Credit service organization bonds
- Mortgage broker bonds
- Insurance broker bonds
- Travel agency bonds
- Title agency bonds
- Car wash bonds
- Detective or private investigator bonds
- Check casher bonds
- Telemarketing bonds
- Professional employment organization bonds
- Private school bonds
- Pharmacy bonds
- Home improvement bonds
- Pest control bonds
- Mortgage lender bonds
- Freight broker bonds
If you are uncertain whether or not your business needs to be bonded, check with your local chamber of commerce or work with an attorney knowledgeable about business law. They will be able to confirm the local laws and regulations that govern a business in your industry.
How to Obtain a License Bond
License bonds are not difficult to obtain if you work with the right business. A qualified surety professional will be able to assist you with getting the right bond for your business. If you are looking for license bonds in Minnesota, get in touch with The Patrick J. Thomas Agency today.
Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.