Some surety bonds expire on September 30. That deadline is coming quickly, and if you have one of these bonds you’ll need to make sure you have everything in order to renew before that deadline approaches so you can continue to conduct business legally. It’s vital to have your bond renewal in place by your deadline to protect not just your business, but your reputation and your legal ability to operate.
Learn how to prepare for your September bond renewals, the potential consequences of not doing so and where to get help with your renewal.
Which Bonds Must Be Renewed?
There are specific bonds that need to be renewed by the end of September every year. These include surety bonds for Alabama auto dealers, fundraising surety bonds in Alabama, bonds for Florida recreational vehicles and bonds for maintaining your Illinois plumbing contractor license.
Normally, surety specialists in your state will contact you with a reminder of the date, but you should never count on that. Keep track of your deadlines and make sure you’re ready to go when renewal time comes.
Bond Renewals Are Necessary
Even if you haven’t used your bond, it’s still vital to renew it. It’s fantastic if you haven’t had to use it — that means you’re doing something right. Bonds are a form of insurance, and as they say, insurance is the one service you pay for that you hope you never have to use.
However, having a surety bond is a law; you need one to operate. In addition, having one for a long time with no claims against it can improve your reputation.
Penalties for Non-Renewal
Each state has its own penalties for failure to renew your bond on time. However, in general, if you don’t renew your bond on time, your license to operate will be suspended until you do renew it. If you wait too long to file your renewal, you could even lose your license entirely, which puts you all the way back at square one.
Losing your license doesn’t mean you can’t get one again, but it means having to go through the entire painful process of starting over. You’ll have to redo all of the paperwork, pay all of the fees, and go through all of the red tape all over again.
Don’t Conduct Business Without a License
Conducting business without a license is a bad idea. It could, in fact, end up with you being charged with a misdemeanor offense, which can carry a jail sentence in some states. In most states, at the very least, practicing without a license carries stiff fines and penalties.
Seeking Help with Your Renewal
National Surety Services is here to help you with your September 30 bond renewal, or indeed with any surety bond renewal, you might need for your business. We’ve committed more than two decades to helping people with their surety bonds, and we’re here to keep you working with confidence and security. We are the service you can trust to keep your bonds stable. Give us a call to get started today!