What is a Pharmaceutical Wholesaler Surety Bond?
These license and permit surety bonds ensure that the pharmaceutical wholesaler operates in accordance with all applicable laws and regulations. They also protect against outstanding fines, unauthorized distribution of materials, unlicensed operation as well as the improper management of shipments and sales documents. If the principal fails to comply with the terms of the bond, a claim can be filed against the bond for relief.
Who needs a Pharmaceutical Wholesaler Surety Bond?
Pharmaceutical Wholesaler Surety Bonds are required for businesses engaged in the commercial distribution of pharmaceutical drugs, toilet preparations, cosmetics and dentifrices to various retailers.
Which states require Pharmaceutical Wholesaler Surety Bonds?
Pacific Surety proudly offers Pharmaceutical Wholesaler Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Pharmaceutical Wholesaler Surety Bonds?
The bond amount for Pharmaceutical Wholesaler Surety Bond is typically $100,000 but will fluctuate from state to state, per the local rules and statutes regulating the industry. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Pharmaceutical Wholesaler Surety Bond cost?
Pricing for Pharmaceutical Wholesaler Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $1,000 annually for a $100,000 Pharmaceutical Wholesaler Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Pharmaceutical Wholesaler Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Pharmaceutical Wholesaler Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Pharmaceutical Wholesaler Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who does a Pharmaceutical Wholesaler Surety Bond benefit?
Unlike insurance, which protects your business, Pharmaceutical Wholesaler Surety Bonds benefit the consumer and the state. If the principal’s (pharmaceutical wholesaler) actions cause any financial harm, a claim can be filed with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.
ADDITIONAL RESOURCES
- Arizona State Board of Pharmacy – Wholesalers
- California Pharmaceutical Wholesaler Bond Information
- Maryland Pharmaceutical Wholesale Bond Form
- Mississippi Board of Pharmacy – Licensing
- Nebraska Department of Health and Human Services – Wholesale Drug Distributor
- Nevada Pharmaceutical Wholesaler Bond Information