Business opportunity bond cost
The Florida Department of Agriculture and Consumer Services requires certain individuals to post $50,000 business opportunity surety bonds.
These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your personal credit report. Some surety underwriting companies might require current business financials and a personal financial statement to produce this bond.
Why this bond
Florida business opportunity surety bonds are put in place to ensure that principals (licensees) adhere to the provisions of sections 559.80-559.815 of the Florida Statutes, which is also referred to as the Florida Sale of Business Opportunity Act. If the principal does violate this code, the bond protects any consumer who is harmed by the principals actions up to the full penal sum of the bond. The principal must reimburse the surety for all damages paid out.
Business opportunity bond details
Business opportunity bonds in Florida remain in full force and effect until canceled. The surety can cancel the bond by giving written notice of cancellation to the state at least 30 days prior to the effective termination date.
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