Surety Bonds | Smart, Fast, Friendly Digital Insurance Expert

Protect yourself with a professional “seal of approval.”

What is a surety bond anyway?

You may be in a profession that can’t do your work without a business license or other permit. Your local government may require a surety bond to make sure you’ll keep your obligations.

A surety bond is:

A 3-way agreement between you, an insurance company and a government authority
If you violate your license or permit, the government authority is compensated

A Mylo advisor can help you save money while finding the right surety bond for your profession.

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Fast facts about surety bonds

Who are the parties involved in a surety bond?

A surety bond is a three-way agreement between a "principal" (you), an "obligee" (a party with specific requirements you have to meet) and a "surety" (someone who will guarantee the requirements are met - usually an insurance carrier.)

I already have business insurance. Is this something different?

Surety bonds are usually issued by insurance companies, but there's one big difference. Instead of covering you when something goes wrong with an agreement, the bond issuer reimburses the other party.

What happens if my business doesn't meet its license or permit regulations?

The bond issuer (surety) steps in and pays what you agreed to pay.

The right coverage? Surprisingly simple.