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Why is a Financially Responsible Officer Bond Required?
As a financially responsible officer, you oversee a number of critical activities for the company you work for.
These activities primarily consist of:
- Financial management of a company/business including individual projects and vendors
- Regulation management including financial reporting, additional bonding requirements for the company, and any financial obligations
- In some states it can even include assuring appropriate state taxes are paid
As the financial responsible officer, you're liable for financial management of the business.
This is why you are required to purchase a surety bond.
A surety bond is the primary method your state and customers use to hold you and your business accountable for the fiscal responsibilities mentioned above.
What Does a Financially Responsible Officer Bond Protect Against?
It's unfortunate, but every year there will be a small handful of officers who will purposefully commit a form of financial fraud to benefit themselves or the business.
Examples of potential fraudulent actions include:
- Misrepresenting financials on financial reports
- Stealing or siphoning money by misreporting figures
- Purposefully not paying vendors or clients the correct amount
- Taking money for certifications or bonding requirements that are not required
- Not paying the correct amount of sales taxes or other taxes to the state
If a financially responsible officer is found guilty of these or similar acts, the harmed party (typically the business or the state) can make a claim against the surety bond for financial compensation.
The total aggregate claim amount is capped at the bond amount you're required to purchase.
The bond amount is different based on the state and further state regulations like assets of the business or the potential tax liability of the business.
How Much Does a Financially Responsible Officer Surety Bond Cost?
Some financially responsible officer bonds will be credit driven.
This means the price of your bond will be custom based on three primary factors including:
- The personal credit of the individual
- The financial history of the individual
- Any bond claim history in the individuals past
Not all surety bonds are credit driven. The Florida contractor financially responsible bond has a:
- Low fixed price with no credit check
- Plus you can immediately download your bond after purchasing
A surety will use these factors to quote a custom rate. A surety is an insurance company that underwrites financially responsible officer bonds.
The rate they quote multiplied by your specific bond amount is the price you'll pay.
And this is how you can end up saving, potentially hundreds of dollars, when you purchase your bond.
Why Should You Get Pricing From Surety Bonds Direct?
Surety Bonds Direct is a specialized surety agency. As an agency we work with the highest rated sureties to find you the lowest possible price.
In the case of the Florida financially responsible officer bond, you can instantly purchase your bond today.
In other states, the process requires:
- Step 1 - Request a quote
- Step 2 - Our bond specialists will work with our network of sureties to collect rates
- Step 3 - We'll send you the lowest rate so you have it when you're ready to purchase
When you're ready to purchase, it's one payment for the entire bond term (12 months in most cases).
Example Bond Pricing
Let's use an example of $50,000 for the bond amount. Below in the take you see the typical rates ranging from really good to about average.
Notice how a one to two percentage points can make a big difference in the price you pay.
| Bond Amount | Premium Rate | Total Cost |
|---|---|---|
| $50,000 | 0.05% | $250 |
| $50,000 | 1% | $500 |
| $50,000 | 2% | $1,000 |
| $50,000 | 3% | $1,500 |
| $50,000 | 4% | $2,000 |
When you're ready to get your exact pricing, fill out our free online quote form or call a bond specialist at 1-800-608-9950.
Get Your Bond Pricing Today
You can get instant pricing for your financially responsbile officer bond. Click the button below. You need to know the amount of your bond.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
How Long Does a Financially Responsible Officer Bond Last?
Financially responsible officer bonds typically have a bond term or 12 months from date you purchase your bond.
And in most cases you must maintain an active bond as long as you're in the role. Some states only require an active bond for a set number of years.
How Do You Renew Your Bond?
This is another reason why you should work with a specialized surety agency like surety bonds direct, we manage your bond for you.
As your bond expiration date approaches, 30 to 45 days in advance, your bond specialist will reach out to you to find out if you need to renew your bond.
If you do need to renew, they will have renewal pricing ready to go.
Once you pay your renewal premium, your bond remains active for another year.
When you no longer need your bond, you can let it expire.
Get Your Financially Responsible Officer Bond Pricing Today
It costs you nothing to have a bond specialist find you the lowest rate and once you get your pricing, there's no obligation or purchase.
You only purchase when you like the price and when you're ready.
Fill out our free online quote form or call a bond specialist at 1-800-608-9950.
Get Your Bond Pricing Today
You can get instant pricing for your financially responsbile officer bond. Click the button below. You need to know the amount of your bond.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
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