# Surety & Fidelity Bonds in Ohio | eGoodwin Insurance > Surety and fidelity bonds for Ohio businesses: license and permit, contractor, court and employee dishonesty bonds. Independent agency. Call (740) 387-8335. Source: https://egoodwininsurance.com/policies/bonds/ [Home](https://egoodwininsurance.com/) / [Business](https://egoodwininsurance.com/business-insurance) / Bonds # Surety and Fidelity Bonds in Ohio, without the runaround. License and permit bonds, contractor bonds, court bonds and employee dishonesty coverage. We're an independent agency in Marion and Powell, so we help you find the right bond, get it issued and get it where it needs to go. [Request a Bond](https://egoodwininsurance.com/quote-request?coverage=Business) [or call **(740) 387-8335**](tel:+17403878335) **1990** Licensed Since **5.0** On Google (88 Reviews) **Multiple** Carriers Compared **2** Ohio Offices The Quick Answer A **surety bond** is a three-party promise: the **surety** guarantees to the party requiring the bond (the **obligee**) that you (the **principal**) will do what you agreed to do. Unlike insurance, if the surety pays a valid claim, you generally have to **pay it back** under an **indemnity agreement**. There are many types, including **license and permit bonds**, contractor **bid, performance and payment bonds**, **court and probate bonds**, notary bonds and lost title bonds. **Fidelity and crime bonds** are different: they protect your business against **employee dishonesty**. **eGoodwin Insurance** is an **independent agency in Marion and Powell** that helps you find, obtain and deliver the right bond. Call **[(740) 387-8335](tel:+17403878335)**. Surety bonds Guarantee you'll meet an obligation Fidelity bonds Protect you from employee theft Key difference You repay the surety on a surety bond claim Call first [(740) 387-8335](tel:+17403878335) Bonds, The Short Version ## Someone asked you for a bond. Here's what that means. Bonds usually show up as a requirement. A city wants one before it issues your contractor license. A project owner wants one with your bid. A probate court wants one before you can serve as executor. The title office wants one because a vehicle title went missing. Whatever the reason, someone needs a guarantee, and a bond is how you provide it. A **surety bond** is a three-party agreement. You, the **principal**, promise to do something: follow licensing rules, finish a project, pay your suppliers, handle an estate properly. The party requiring the bond, the **obligee**, is protected if you don't. The **surety** backs the promise. You pay a premium, usually a small percentage of the bond amount, and the surety stands behind you. A **fidelity bond**, sometimes called a crime or employee dishonesty bond, works the other way around. It protects **your business** if an employee steals money or property. The process can be confusing, and the bond has to match the exact form and amount the obligee requires. As an **independent agency**, we help you identify the right bond, get it underwritten and issued, and deliver it to the party asking for it. Nothing on this page is legal advice. ## Common types of bonds. There are many more. There are many types of bonds, and the requirements are set by whoever is asking for one. Tell us what the request says, and we'll find the bond that fits. Most common License ### License & permit bonds Required by a state, county or city before you can hold certain licenses or permits. They guarantee you'll follow the rules that apply. Examples include contractor license, motor vehicle dealer, tax, environmental and broker bonds. Construction Contract ### Bid, performance & payment bonds A bid bond backs your bid. A performance bond guarantees you'll finish the work as contracted. A payment bond guarantees you'll pay subcontractors and suppliers. Common on public and larger private projects. Courts Court ### Court & probate bonds Courts may require bonds from executors, administrators, guardians and others managing someone else's money, as well as in certain lawsuits and appeals, depending on the case. Individuals Notary & title ### Notary & lost title bonds Notary bonds may be required with a notary commission. Lost title bonds help prove vehicle ownership to the title office when the original title is missing. Your business Fidelity ### Fidelity & crime bonds Protect your business against employee dishonesty, like theft of money, securities or property. Some employee benefit plans also require ERISA fidelity bonds for the people who handle plan funds. Not insurance Indemnity ### A surety bond doesn't protect you A surety bond protects the obligee. If the surety pays a valid claim, you generally must repay it, plus costs, under the indemnity agreement you sign. ## Who needs a bond. Usually, whoever was asked for one. Most people come to us with a request in hand. These are the situations we see most. [Contractors License bonds for local registration and permits, plus bid, performance and payment bonds for larger jobs. See our contractor insurance page.](https://egoodwininsurance.com/policies/contractor/) [Auto dealers Motor vehicle dealers are often required to carry a dealer bond as part of licensing. See our garages and dealerships page.](https://egoodwininsurance.com/policies/garage-full-service-to-dealerships/) [Licensed businesses Brokers, sellers and other businesses whose license or permit comes with a bond requirement.](https://egoodwininsurance.com/quote-request?coverage=Business) [Executors & guardians People appointed by a court to manage an estate or someone else's affairs may need a probate or fiduciary bond.](https://egoodwininsurance.com/quote-request?coverage=Business) [Employers handling money Businesses with employees who handle cash, checks, accounts or client property, and employers whose benefit plans need ERISA bonds.](https://egoodwininsurance.com/quote-request?coverage=Business) [Notaries & vehicle owners New and renewing notaries, and vehicle owners who need a lost title bond to get a title reissued.](https://egoodwininsurance.com/quote-request?coverage=Business) ### Got a bond request? Send it over. Forward us the requirement: who's asking, the bond type and the amount. We'll find the right bond, walk you through underwriting and help get it delivered. No pressure. [Request My Bond](https://egoodwininsurance.com/quote-request?coverage=Business) [Call (740) 387-8335](tel:+17403878335) How It Fits ## How bonds differ from insurance, and what underwriting looks at. Bonds are sold by insurance agencies and issued by insurance companies, but a surety bond doesn't work like an insurance policy. Knowing the difference avoids surprises. ### A surety bond is a guarantee, not a safety net Insurance spreads risk across many policyholders and pays covered claims for you. A surety bond guarantees **your** performance to someone else. If the obligee makes a valid claim and the surety pays it, the surety will generally look to you to repay it, under the **indemnity agreement** you sign when the bond is issued. Some sureties ask business owners, and sometimes spouses, to sign personally. Read it before you sign. ### Fidelity bonds work more like insurance A fidelity or crime bond protects your business from losses caused by dishonest employees. In that case, your business is the one that gets paid. Some businesses carry it as commercial crime coverage alongside their [business insurance](https://egoodwininsurance.com/business-insurance). ### What underwriting looks at Because the surety expects to be repaid, underwriting looks at your ability to meet the obligation. That typically includes: - The **type of bond** and the **amount** required. Some small license and notary bonds are issued quickly with minimal underwriting. - **Personal credit** of the owners, which often affects the premium rate. - For contract bonds, **business and personal financial statements**, work in progress, bank lines of credit and your **experience** with similar projects. - Any history of prior bond claims. The obligee sets the bond form and amount, and requirements vary by agency and project. Send us the exact request so we match it the first time. ## Bond questions. Straight answers. What is a surety bond? A surety bond is a three-party agreement. The surety guarantees to the obligee, the party requiring the bond, that the principal, you, will meet an obligation like following licensing rules, finishing a project or managing an estate properly. If you don't, the obligee can make a claim against the bond. How is a bond different from insurance? Insurance pays covered claims on your behalf. A surety bond protects the obligee, and if the surety pays a valid claim, you generally have to repay the surety under the indemnity agreement you signed. Fidelity bonds are the exception that works more like insurance: they protect your business from employee dishonesty. What types of bonds can you help with? Many types. That includes license and permit bonds, contractor bid, performance and payment bonds, court and probate bonds, notary bonds, lost title bonds, and fidelity and crime bonds, including ERISA bonds for benefit plans. If someone has asked you for a bond, send us the request and we'll find the right one. How much does a bond cost? You pay a premium, usually a percentage of the bond amount. The rate depends on the bond type, the amount, your credit and, for contract bonds, your financials and experience. The required bond amount is set by whoever is asking for the bond, not by us. We'll quote it once we know the details. What does bond underwriting look at? It depends on the bond. Small license, permit and notary bonds may need little more than an application. Larger bonds, especially contract bonds, typically look at personal credit, business and personal financial statements, work in progress, bank credit and your track record. The goal is to confirm you can meet the obligation. What is a fidelity or employee dishonesty bond? It protects your business if an employee steals money, securities or other property. Businesses with staff who handle cash, accounts or client property often carry it. Some employee benefit plans also need an ERISA fidelity bond for the people who handle plan funds. How quickly can I get a bond? Many smaller license, permit and notary bonds can be issued quickly once the application is complete. Contract bonds and larger bonds take longer because of underwriting. If you're working against a deadline, call us early and send the exact requirement so the bond matches the first time. Still have questions? [Call (740) 387-8335](tel:+17403878335) . We'll give you a straight answer. ## Related coverage for your business. [Contractor insurance](https://egoodwininsurance.com/policies/contractor/) [Garages & dealerships](https://egoodwininsurance.com/policies/garage-full-service-to-dealerships/) [Business insurance](https://egoodwininsurance.com/business-insurance) [Call (740) 387-8335](tel:+17403878335) ## Tell us who's asking. We'll get you the right bond. Send us the bond requirement, or just call. We'll find the right bond, walk you through underwriting and help get it delivered. [Request a Bond](https://egoodwininsurance.com/quote-request?coverage=Business) [or call **(740) 387-8335**](tel:+17403878335) --- **eGoodwin Insurance** · 399 E. Church Street, Marion, OH 43302 · 74 E. Olentangy Street, Powell, OH 43065 · (740) 387-8335 · Mon–Fri 9:00 AM–5:00 PM Eastern Request a quote: https://egoodwininsurance.com/quote-request (plain HTML form) or https://egoodwininsurance.com/quote (guided).