Before you apply for a surety bond Florida, make sure that all your documents are in order so that you can expedite the whole process. Essential documents include:
Financial records: Surety companies will ask for both personal and business records. For business with less than $20 million in sales, you will need to provide financial statements for the last year and for the interim period in this year, most recent personal and corporate tax returns, financial records of majority shareholders, and a bank reference letter. Companies with more than $20 million in sales need to show their audited financial records.
Resumes:Some surety companies may ask for resumes of key personnel. Make sure to highlight any relevant experience.
WIP form:WIP stands for “work in progress” form. Ask your surety company for the relevant form. This details all the projects you have completed recently, ongoing work, and any outstanding surety.
Insurance: Some surety companies may insist on work insurance to see that there is no uninsured liabilities.
References: Companies issuing surety bond Florida will ask for references from associated parties, such as past clients, suppliers and so on. The references are an indication of other’s trust in your ability.
