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Phone
316-265-3181
Locations
5838 W. 21st Street
Wichita, KS 67205
1106 W. 31st Street South
Wichita, KS 67217
1701 Landon Street
Hutchinson, KS 67502
Businesses in Kansas face various risks that can lead to financial losses, making it essential for them to consider purchasing surety bonds. Some of these risks include the following:
To protect against these risks, business owners in Kansas must purchase surety bonds. Surety bonds are a form of financial protection purchased by the principal (the party requesting the bond) and issued by an insurer, known as the surety company.
The cost of surety bonds in Kansas is around $240 per year. However, the exact cost varies significantly depending on a number of factors which include:
a) The type of bond being purchased - The type of bond being purchased will have a major impact on the cost. Typically, the higher the value of the bond, the more expensive it is to purchase. Bonds also vary in terms of coverage and range from basic coverages, such as contract performance bonds, to more complex coverages, such as environmental bonds or tax bonds.
b) The size of your business - The size of your business can significantly affect the cost of surety bonds. Smaller businesses typically pay less for their policies than larger businesses due to their smaller risk profiles. On the other hand, larger businesses may face increased premiums due to their higher risk exposure.
c) The nature of your work - Businesses that carry more risk, such as construction companies or those dealing with hazardous materials, will typically have to pay higher premiums for their coverage. On the other hand, businesses that have less risky operations and are in good financial standing may enjoy lower rates.
d) The amount of coverage required - The amount of coverage required also plays a major role in the cost of surety bonds. Generally, the higher the amount of coverage needed, the more expensive the policy will be. This is why businesses should take extra care to determine how much coverage they actually need before purchasing a policy.
e) The applicant's credit score and financial history - The applicant's credit score and financial history are also important factors regarding the cost of surety bonds. A good credit score and positive financial history can often lead to lower premiums, while a poor credit score or negative financial history can result in higher premiums.
It's important to shop around for surety bonds in Kansas to make sure you get the best possible deal on coverage that meets your needs. Be sure to talk to a qualified agent such as WINN Insurance Group to help you determine the right amount of coverage and find the best rates for surety bonds in Kansas.
At WINN Insurance Group, we understand that finding the right surety bonds in Kansas can be a difficult task. That's why we are here to help you make the best decision for your business. Our experienced professionals provide comprehensive advice and guidance on all aspects of surety bonds coverage, helping you identify the right amount of coverage at an affordable price. With our expertise, we can ensure that your business is fully protected from any unexpected losses or damages.
At WINN Insurance Group, we strive to provide exceptional service and support at every step of the process so that our customers can enjoy peace of mind knowing their business is fully protected. With us as your trusted partner for surety bonds in Kansas, you can be confident that you are getting quality coverage at competitive rates.
Contact us today for more information about how we can help find the perfect bond that meets all your needs.
Surety Bonds in Kansas is essential for the following individuals and businesses:
These are just some examples of the individuals and businesses that should consider purchasing surety bonds in Kansas to protect themselves and provide assurance to their clients and partners.
The levels of coverage offered by Kansas surety bonds can vary depending on the specific type of bond required. Some of these bonds include:
a) Performance and Payment Bonds - These bonds are typically required by governments and municipalities when awarding contracts for construction projects. They guarantee that the contractor will fulfill their contracted obligations, including payment of subcontractors, suppliers, and other associated costs.
b) Court Bonds - Court bonds are often requested in legal disputes and provide assurance that either party in the case will abide by an order issued by the court.
c) Fidelity Bonds - These types of bonds protect employers against losses resulting from employee dishonesty and fraud.
d) License and Permit Bonds - Many businesses are required to purchase these bonds before they can legally operate in the state of Kansas. They guarantee the business will abide by all applicable laws, regulations, and ordinances.
e) Sub-Division Bonds - Subdivision bonds are required by many local governments when developers wish to build and subdivide land into residential or commercial properties. These bonds guarantee that the developer will complete all necessary improvements as outlined in the
f) Contractor Bonds - These bonds guarantee that the contractor will fulfill their contractual obligations and serve as a form of insurance for businesses and individuals relying on them.
g) Public Official Bonds - These bonds are typically purchased by public officials, such as elected officials or appointed department heads, to ensure they carry out their duties in accordance with state law.
Since there are many Surety products, it is important to understand the specific requirements of each type and get in touch with an experienced Surety Agent who can advise you on the best product for your needs. The Surety Agents at WINN Insurance Group can help you determine what type of Surety Bonds your business will need to operate successfully.
When determining your surety bond coverage needs in Kansas, several factors come into play. Here are some steps to help you understand and assess your requirements:
Some surety bond providers may offer specific incentives or cost-saving opportunities, which could be considered discounts in a broader sense. Some of these discounts include:
At WINN Insurance Group, our Surety Agents are committed to providing excellent customer service and have the expertise and knowledge to help you choose the correct surety bonds. We strive to ensure that all of your business needs are met with quality protection.
If you have any questions about getting started with a surety bond, please contact us today so we can discuss what type of bond is right for you. We look forward to hearing from you and helping you protect your business.
5838 W. 21st Street
Wichita, KS 67205
1106 W. 31st Street South
Wichita, KS 67217
1701 Landon Street
Hutchinson, KS 67502