At Gillespie Insurance Services, we believe that simple things should be simple. While bonds themselves are not always simple, buying one should be. Our mission is to help you get the bond you need without friction.

For those of you that know what type of bond you need and are ready to move forward, we have our most-commonly purchased bonds ready for you to start the process here, without friction:

Get Your License Bond Now
Get Your LLC Employee / Worker Bond Now
Get Your ERISA Bond Now
Get Your Notary Bond Now

 

If you’re looking for a different type of bond, just click below and search by keyword. Many of these bonds are also instant-issue, which means you can buy a bond in about five minutes.

Get Your Other Type of Bond Now

If you are new or this is your first time dealing with a bond, you might have a few questions, like: What is a bond? Why do I need a bond? How much does it cost? How do I get one?

Wherever you’re at, we’re here to answer all your questions and get you bonded – quickly and without friction – if you need to be.

 

What is a Bond?

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Bonds are typically a guarantee that you, the bond holder, are who you say you are, will do what you say you will do, will fulfill your obligation, and conduct business honestly and ethically.

Although they are often handled by insurance agencies (like us), it is important to note that bonds are not insurance.

The main difference between bonds and insurance is that insurance protects you, the policy holder, if an unforeseen accident or event should occur, like your building burns, your car is stolen, your employee is injured, or you break someone’s window.

Bonds protect others from financial harm if you fail to act ethically or fulfill your obligations as described above.

Perhaps the biggest difference is how claims are handled. With insurance, as most people are aware, when an insurance company pays an insured claim, you don’t have to pay your insurance company back. When a surety company pays a bond claim, you are expected and required to pay the surety back.

 

Why Do I Need a Bond?

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There are many reasons you might need a bond. Sometimes it is a legal requirement in order to get a license. For example, in California, a contractor must get a contractors license bond in order to get licensed (you can get one of those bonds HERE).

Fidelity bonds are another type of bond that tends to be legal requirements, such as ERISA bonds if you sponsor a retirement plan for your company(which you can get HERE) and notary bonds which are a prerequisite for you to be a notary(which you can get HERE).

Sometimes a bond is a contractual requirement, such as a bid or performance bonds, which a contractor must get for the project owner to guarantee that it will do the job that it promised to do when it was awarded the contract (You can get bid bonds HERE and performance bonds HERE).

 

How Much Do Bonds Cost?

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1. There are so many bonds out there that it’s impossible to say with any accuracy. However, it is true that most bonds tend to be less than $500 per year.
   There are three factors that determine the cost of a bond.
2. The limit. Every bond has a maximum amount of money that could possibly be paid in a claim. A $25,000 bond is one where a maximum amount of $25,000 could be paid in a claim.
3. The term. All bonds last for a period of time, usually in years. Most bonds are for a single year. But you can have multi year bonds. And you can have bonds that last as long as a project is ongoing, like a performance bond.
4. The rate. Every bond has a base rate that is based on the likelihood of a claim being paid using historical data. That rate is then influenced by your personal particular characteristics. Determining your rate is called underwriting.

Here are the primary factors sureties use to underwrite, that is, determine your rate:

1. Your credit score – the higher your score, the better your rate
2. Whether you’ve had a bond claim – zero claims is preferred
3. How long you’ve been in business – the more the better
4. How many assets you have – the more assets you have, the better your rate

Every surety is a little different, but these factors are typically the most common and the most important.

 

How Do I Get My Bond?

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Good news, they are also quick and easy to buy.

Just follow these three easy steps to get your bond:

1. Click on one of the big green buttons below
2. Answer the questions (usually one page)
3. Get quoted, and approved; then buy your bond

Note, if you bond needs to be filed with a government entity, we typically do that on your behalf. You will know based on the type of bond you need.

Also, most bonds automatically renew every year, for as long as you need them. You’ll get an invoice by email and be provided with a link to pay online.

If you’re ready to start the process on any of those bonds, click on the buttons and go for it. It’s really that simple! Just click below to get started:

Get Your License Bond Now
Get Your LLC Employee / Worker Bond Now
Get Your ERISA Bond Now
Get Your Notary Bond Now
Get Your Other Type of Bond Now