Find the Right South Carolina Surety Bond in 2023

If you’re looking for South Carolina surety bond requirements, we can help. With our secure and simple online application, we provide an instant quote and fast approval. Get low rates no matter your credit history.

What is a contract surety bond? Bond underwriting, and do I need one in SC? Businesses must carry contract surety bonds, bond forms, or bonds to demonstrate financial security and comply with the state’s laws. A contract surety bond is an insurance policy. It safeguards customers from losses caused by a business’s unethical conduct or negligence.

South Carolina businesses can protect their operations and ensure compliance with state laws by obtaining the proper coverage. This will give them peace of mind. So the answer to Are Surety Bonds worth it? It is a resounding yes!

Find the proper surety bond in South Carolina in our comprehensive list and get a free quote today. 

Auto Dealer Bonds, Auction, Trailer, Motorcycle Bond

Posting a bond is part of the licensing process for auto auctioneers. This bond helps protect buyers from fraudulent or unethical practices by the auctioneer or their business. It will guarantee that all transactions between yourself and customers are conducted honestly.

Obligee: Department of Motor Vehicles – Dealer & Licensing 

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Cigar, Cigarette & Tobacco Tax Bond

A State Tobacco Tax Bond is required if you sell tobacco products. This document is filed with the Department of Revenue.

It guarantees that the business selling tobacco products will pay all taxes due to the government entity, the state. These taxes are based on their sales. The state determines the bond amount based on an estimate of expected tax payments and other factors such as creditworthiness.

Obligee: South Carolina Department of Revenue Misc Tax Section.

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South Carolina Contractor License Bonds

Contractor License bonds are required of all contractors in the state. They guarantee that the person being the contractor will comply with all legal requirements and act professionally when doing construction projects and providing customer services.

The Licensing Board for Contractors determines the bond amount per construction contract, construction project, or contract amount.

• • South Carolina Bid BondSouth Carolina Small Contractor Bond ($5,000)

  • South Carolina Registered Residential Specialty Contracting

  • Residential Builder / Certificate of Authorization ($15,000)

  • South Carolina Payment and Performance Bond

  • South Carolina Land Use Construction Inspection Bond

  • City of North Augusta Contractor License Bond ($1,000)

  • City of Greenville Development Surety and Guarantee Bond

  • South Carolina Payment Bond South Carolina Performance Bond

  • South Carolina Fidelity Bond South Carolina Right of Way Bond (Greenville County)

General Contractor Bonds

• • South Carolina General Contractor Bond Group 1 ($20,000)

  • South Carolina General Contractor Bond Group 2 ($80,000)

  • South Carolina General Contractor Bond Group 3 ($200,000)

  • South Carolina General Contractor Bond Group 4 ($350,000)

  • South Carolina General Contractor Bond Group 5 ($500,000)

Mechanical Contractor Bonds

• • South Carolina Mechanical Contractor Bond Group 1 ($7,000)

  • South Carolina Mechanical Contractor Bond Group 2 ($20,000)

  • South Carolina Mechanical Contractor Bond Group 3 ($40,000)

  • South Carolina Mechanical Contractor Bond Group 4 ($80,000)

  • South Carolina Mechanical Contractor Bond Group 5 ($400,000)

Debt Consolidators Bond

If you are in the debt collection industry, you may need to obtain a bond. This bond is known as a Credit Counseling Organization Special Deposit Bond. It is specific to South Carolina. This is designed to protect clients from any losses incurred due to the bonded organization’s misappropriation or misuse of funds.

The Credit Counseling Organization Special Deposit Bond guarantees debt consolidation services. The state determines the amount, and an authorized company must issue it. The organization will comply with the South Carolina Code of Laws and regulations.

Obligee: Department of Consumer Affairs

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Detectives Bond

Complying with all applicable laws and regulations is critical as a private investigator. That means getting your Private Investigation Agency Bond. It protects the public from any wrongful acts by an agency or part of its employees.

A Private Investigator Bond is the amount of $2,500 and covers the period from July 1 through June 30. The business owner or surety company must also submit a certificate of authority from the Department of Labor, Licensing & Regulation.

Obligee: State of South Carolina

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Employment Agencies Bond

A bond is essential for anyone wishing to operate a staffing agency. A staffing agency is a business that helps people find employment and provides employers with employees.

Obligee: South Carolina Secretary of State Office

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Fuel Tax Bond

A Performance Bond of Preneed Funeral Contracts is a legally binding agreement between a funeral home and the state. This ensures that the funeral home will perform by the terms of any ‘Prepaid Funeral Bonds’ when providing services. It must be filed with the Board of Funeral Service and issued by an authorized company. The Board of Funeral Service determines the amount, which must be equal to or greater than $25,000 for each location.

Obligee: Department of Revenue

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Funeral Directors Bond

A South Carolina Surety Bond is another name for a Performance Bond of Preneed Funeral Contracts. It is a contract between a funeral home and the state of South Carolina, which is legally binding. The Board of Funeral Service has set a minimum amount of $25,000 for any prepaid funeral contract surety bonus to be filed with them and issued by ba good company. This ensures that funeral homes provide services in line with the conditions of the prepaid funerals.

Obligee: South Carolina Department of Consumer Affairs 

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Games of Chance Bond

Anyone organizing a game of chance must obtain a bond to ensure they will operate it fairly and ethically. This bond guarantees the operator will obey all state laws and regulations related to the game. It can also reimburse anyone suffering financial loss because of fraudulent or illegal activity.

Obtaining a Games of Chance bond is important for anyone hosting a Game of Chance in the state. It shows that the operator is committed to running the game fairly and responsibly.

Obligee: State of South Carolina

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Health Spas & Health Clubs Bond

A Physical Fitness Center Deposit bond is a type of South Carolina surety bond that provides a financial guarantee and protection for the state and its citizens. This bond ensures that physical fitness centers will comply with all applicable laws, regulations, and other requirements set forth by the South Carolina Department of Labor, Licensing and Regulation (LLR).

Obligee: South Carolina Department of Consumer Affairs

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Insurance Agent Bonds

The state requires insurance agents and insurance brokers to obtain bonds to operate legally in the state.

• Insurance Broker Bond

• Surplus Lines Brokers Bond

Obligee: South Carolina Department of Insurance

Investment Advisor Bond

The Securities Division of the Office of the Secretary of State requires the Investment Advisor Bond. This ensures that any investment advisor registered with the state follows the laws and rules outlined in Title 35, Chapter 11. This is to ensure that all requirements and regulations are met.

• Broker-Dealer & Investment Advisor Surety Bond 

Obligee: State of South Carolina

Mortgage Broker Bond

A South Carolina Mortgage Broker Bond is a surety bond. The South Carolina Department requires it of Consumer Affairs. This bond protects consumers from fraud or unethical practices by mortgage brokers.

This bond guarantees the broker will fulfill all obligations under the South Carolina Mortgage Brokers and Lenders Act. This obligation includes handling escrow accounts, application fees, loan origination fees, and other funds.

• Mortgage Broker Special Deposit Bond – Obligee: Department of Consumer Affairs

• Mortgage Broker Lender Special Deposit- Obligee: Department of Consumer Affairs

• Mortgage Lender- Obligee: State Board of Financial Institutions 

Professional Fundraisers Bond

Professional solicitors are required to obtain a bond of $15,000. The purpose of this bond is to protect clients from any fraudulent or dishonest act they claim the solicitor may commit. Clients who claim to have suffered damages due to misconduct can file a claim against the bond. They claim they can receive compensation up to the total amount of the bond.

• A Professional Solicitor’s bond

  Obligee: South Carolina Secretary of State

Professional License Bonds

A Professional Licenses Bond is required for a person to obtain professional-specific fic business licenses or permits from the state. They ensure that business owners and professionals comply with the laws, regulations, and rules governing their profession or business. Bonds can range from $500 to $25 000, depending on the license or permit type.

• • Well Driller Bond– Obligee: Synergy Business Ark 

  • Retail Pistol Dealer– Obligee: SLED 

  • Tire Waste Hauler Bond – Obligee: South Carolina Department of Health and Environmental Control

  • Pawnbroker Special Deposit Bond– Obligee: South Carolina Dept of Consumer Affairs 

  • Contract Security Bond– Obligee: South Carolina Law Enforcement Division 

Schools Bonds

School surety bonds are required for private schools in the state. They ensure private schools follow all relevant laws and regulations. This provides financial security to the public.

The Department of Education requires schools to protect students, parents, and taxpayers. This prevents any losses or damages caused by the school’s negligence or failure to follow state regulations. The Department of Education determines the amount, which varies from school to school, depending on various factors.

• Nonpublic Postsecondary Institution – Obligee: Commission of Higher Education 

• Cosmetology School Bond – Obligee: State Board of Cosmetology 

• Commercial Driver Training School Surety Bond – Obligee: Department of Motor Vehicles Driver Improvement Office 

Sport Permits Bond

Mixed Martial Arts (MMA) has become a trendy sport with fans worldwide. However, promoters must obtain a Professional Mixed Martial Arts Promoter Bond to promote professional Mixed Martial Arts events legally.

This ensures promoters comply with all provisions of mixed martial arts regulations and laws. Promoters must apply and pay the required premium. The Athletic Commission sets the amount typically $10,000.

Obligee: South Carolina State Athletic Commission

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Professional Solicitors and Phone Solicitor Bond

A Professional Solicitors and Phone Solicitor Bond exists. It safeguards state citizens from fraudulent or dishonest activities by professional or phone solicitors.

This guarantees that any money collected will be used for the purpose outlined in the professional solicitor’s contract with their customer. This ensures that professional and phone solicitors abide by the state’s rules and regulations. The amount is currently $15,000.

Obligee: State of South Carolina

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Can’t Find the Bond You Need?

If you don’t see the bond you’re looking for or are unsure which one you need, contact our South Carolina surety bond experts.

How to Get a Surety Bond in South Carolina

South Carolina Surety Bond Requirements

Step 1: Find Your Surety Bonds

Find the surety bond cost type you require from our comprehensive list of common bond types. Not all contract surety bonds; which one do s do you need? Or do the other surety bonds provide for bond costs? Ask for a Free Surety Bond Consultation

Step 2: Apply Online

Complete our quick and easy online application bond form making sure you meet all the bond requirements.

Step 3: Get a Free Quote

You will get an instant quote displayed online free of charge.

Step 4: Purchase & Get Bonded

Purchase your bond online by paying the premium. DocuSign the documents. Download your signed and sealed bond form within five minutes.

Step 5: Submit Your Bond

After payment and getting your license bonded, you must submit any other documentation the license obligee requires. Once all documents have been received, you are officially licensed in South Carolina.

Step 6: Keep Your Bond Up-to-Date

Once the bid bond is approved, keeping your bond current is essential. The surety company can cancel the contract for two reasons.

Detecting nonpayment of premiums or a breach of contract between three parties or one pa, trying the principal and obligee to guarantee ee performance of the contract bonds to payment is crucial. Doing so requires compliance with all regulations to prevent any financial loss.

Conclusion

This article has provided an overview of the bond process in South Carolina. Your business must have a valid and up-to-date bond to comply with state laws.

It is essential to understand what type of bond or guarantee is required. Additionally, having a maintenance bond and knowing how to obtain one is essential. We make it easy for you – get your free quote today!

Our goal is to help our clients get licensed and bonded so they can run compliant businesses. We make the bonding process more manageable.

Our solution is fast, simple, affordable, and reliable. It is available in all states, including South Carolina. See what our customers say about us:

Which Surety Company?

Our goal is to help our clients get licensed and bonded so they can run compliant businesses. We take the hassle out of the bonding process and offer a quick, simple, affordable, and trusted solution in South Carolina and every other state. See what our customers say about us:

South Carolina Surety Bonds Pricing

The cost of a South Carolina surety bond can vary. Factors beyond bond cost, such as the total bond amount, determine the bond premium. Most premiums range from 1-15% of the total surety bond amount.

• The bond amount you are required to post

• Your business finances

• Your location

• Existing credit score, even if you have bad credit

• Applicant’s financial strength

• The total bond amount

• Professional experience 

If you need surety bonds in South Carolina, Surety Bonds Co. can help. They have 20+ years of experience in the industry. They will get the job done correctly.

Surety Bonds Co. is a specialist bonding company in the United States. They ensure the best possible rates for any bond needed. They also meet surety bond requirements.

Plus, they have a team of experienced professionals committed to providing exceptional customer service. Get in touch today to get started!

Get a Free Quote for Your Surety Bond Today

Ensure compliance and safeguard your business in South Carolina by a surety agreement and working with the right surety bond insurance company now. Apply today for prompt approval through Surety Bonds Co. – We are The Surety Experts™.