What is a Private Investigator Surety Bond?
Private investigators are required to get licensed by the local and state authorities in the areas they operate, and posting a surety bond is a part of the licensing process. These license and permit surety bonds ensure that the investigator operates in accordance to all applicable laws and regulations, including those which protect the privacy of their client’s personal information and proper use of any privileged information provided by outside agencies. In the event that a private investigator does not fulfill their obligations to their clients, a claim can be filed against this surety bond for relief.
Who needs a Private Investigator Surety Bond?
Private Investigator Surety Bonds are required for individuals and businesses that offer investigatory legal services to their clients. Private investigators and detectives, while not official members of a law-enforcement agency, provide assistance in the examination and analysis of their client’s personal issues or concerns. In some cases, private investigators may collaborate with law-enforcement and other agencies in order to obtain information relevant to their efforts.
Which states require Private Investigator Surety Bonds?
Pacific Surety proudly offers Private Investigator Surety Bonds in the following states:
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Iowa
- Louisiana
- Maine
- Nebraska
- New Jersey
- New Mexico
- Oregon
- Pennsylvania
- South Carolina
- Utah
- Washington
- Washington D.C.
- West Virginia
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Private Investigator Surety Bonds?
Bond amounts for Private Investigator Surety Bonds will vary and are set by the local rules and statutes regulating the industry. Bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Private Investigator Surety Bond cost?
Pricing for Private Investigator 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 $100 annually for a $10,000 Private Investigator 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 Private Investigator Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Private Investigator 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 Private Investigator 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 Private Investigator Surety Bond benefit?
Unlike insurance, which protects your business, Private Investigator Surety Bonds benefit your clients. If the principal’s (private investigator) actions cause any damage, 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.