Surety bonds are often a requirement to work in specific industries, such as:
Constructio
Auto dealerships
Finance (including mortgage brokers, tax preparers, insurance brokers, and investment advisors)
You may be unable to obtain the professional licenses needed to work in your industry without first buying a surety bond. The minimum value of a bond is typically set by either state or local law or a professional association. A business is said to be “licensed and bonded” when it has the required licenses and surety bond to operate in its industry.