Surety bonds are required by NC contracts, licensing boards, and courts for thousands of business and professional activities. A surety bond is a three-party agreement: you (the principal), the party requiring the bond (the obligee), and the surety company that backs your obligation. Safenet Insurance Group writes surety bonds across NC with same-day execution for most bond types. Call (336) 280-4606 or quote online.
Bond Types We Write
Contract bonds (for contractors)
- Bid bonds â required to bid on most public projects
- Performance bonds â guarantee the contract will be completed
- Payment bonds â guarantee subs and suppliers are paid
- Maintenance bonds â guarantee workmanship for a defined period
- Supply bonds â guarantee delivery of materials
License and permit bonds
- Contractor license bonds (HVAC, electrical, general contracting)
- Auto dealer bonds
- Notary bonds
- Mortgage broker bonds
- Sales tax bonds
- Liquor bonds
Court and probate bonds
- Probate / fiduciary bonds (executor, administrator, guardian)
- Appeal bonds
- Injunction bonds
- Replevin bonds
Miscellaneous bonds
- ERISA fidelity bonds
- Lost instrument bonds
- Title bonds for vehicles without clear title
- Public official bonds
How Bond Pricing Works
Most surety bonds are priced as a percentage of the bond amount. For well-qualified principals with strong credit and financials, rates are typically 1â3% of the bond amount per year. Higher-risk bonds or applicants with credit challenges may pay 5â15%. Court and probate bonds use their own rate structures.
What Underwriters Look At
- Personal credit (the biggest factor for small bonds)
- Business financial statements (for larger contract bonds)
- Work-in-progress and bonded backlog (contract bonds)
- Experience in the relevant trade or activity
- Loss history and prior bond claims
Frequently Asked Questions
How fast can you write a bond?
Most license, permit, and notary bonds are issued same-day. Smaller contract bonds (under $250k) often within 24 hours. Larger bonds depend on underwriting requirements.
Do I need good credit for a contractor license bond?
It helps. Standard pricing assumes credit scores of 650+. Lower scores raise the rate but don’t necessarily disqualify.
Is a surety bond the same as insurance?
No. A bond protects the obligee (the party requiring it). If a claim is paid by the surety, you have to pay it back. Insurance protects you.
Get a Surety Bond Quote
Call Safenet Insurance Group at (336) 280-4606 or quote online.