If you live in Oklahoma and you manage projects that require a great deal of financial responsibility, you may need to get an Oklahoma surety bond. An Oklahoma surety bond reassures your clients that you and your company have a history of responsible management. They also insure your clients in the case of unscrupulous or unethical decisions.
In Oklahoma, many professionals need to get an Oklahoma surety bond before they can get licensed. These individuals include car dealers, mortgage brokers, construction workers, and notary publics.
Step #1: Get Your Financial House in Order
Before you try to get an Oklahoma surety bond, make sure that your financial house is in order. Make sure that you have your financial statements and organizational documents ready when you apply for your bond. Create an organizational chart and also make sure that you have your personal credit history on hand. Getting prepared is the first step in getting an Oklahoma surety bond.
Step #2: Contact a Surety Bond Agent
A professional agent or broker will help you find the right Oklahoma surety bond for your business or project. Surety bond agents work with you to guide you through the process of getting a surety bond. They will work with you to get an understanding of your business's needs and to understand the scope of your project.
Step #3: Work With an Underwriter
During this prequalification process, the surety company will make sure that you or your company has the background to responsibly manage your business. Qualification tells your customers that you are both ethically and financially responsible and that they are covered financially.
Step #4: Sign Indemnity Agreement and Purchase Your Bond
Once you have gone through the application process, the surety company will ask you to sign an indemnity agreement and pay for your bond. As the responsible, licensed professional, you take responsibility for your professional behavior and financial management. Over the course of the term of your Oklahoma surety bond, the surety professionals will continue to evaluate your success and can withdraw the surety bond should your behavior or management become questionable.
Do You Need an Oklahoma Surety Bond?
You may be required to hold a surety bond as part of your professional licensing in Oklahoma, or you may be looking for a way to tell your clients that you are financially and ethically responsible. Getting an Oklahoma surety bond reassures your current and prospective clients, helping your business maintain its solid reputation. It also provides them with financial insurance, so that they can work with you or develop projects with you without fear of financial failure.