Step #6: Purchase surety bond in amount of $100,000
Step #7: Purchase $300,000 liability insurance
What is a Virginia Private Investigator License?
A surety bond is a sort of guarantee that you will conduct your investigations ethically and according to all the rules and regulations provided by the state.A bond can be purchased from a surety company, then if a client believes you acted inappropriately and files a claim on the bond the surety will investigate the claim. If the surety finds that the claim is valid, the surety will make financial restitution. Of course, in the end you will be responsible to repay the surety for any damages.
How Much Will My Bond Cost?
The price you pay for your bond is based on a percentage of the total amount of your bond. For example, if you need a $100,000 bond, you will not have to pay $100,000. Instead, you will pay a percentage of this amount, generally between 1-15%. Most individuals with a good credit score (over 700) can get their bond at a rate of 1% or less. If your credit isn’t as good, you’ll have to pay a higher rate.
Think you have what it takes to get private investigator license? Want to see what you would pay for your Virginia Private Investigator Bond? Surety offers free quotes from over 30 companies so that you can find the best price.