Who Needs This Bond?

In my observation, a License/Permit Bond is required for a variety of professions and activities in Burnham Village, including:

• Contractors and construction professionals.

• Plumbers, electricians, and other tradespeople.

• Businesses requiring operating permits, such as restaurants or retail stores.

• Vendors and temporary business operators.

Check with the Burnham Village licensing office to confirm if your business or activity requires this bond.

Why is This Bond Necessary?

This bond provides several important protections:

1. Compliance Assurance: Ensures businesses adhere to local regulations and codes.

2. Public Protection: Offers financial compensation if your actions cause harm, such as property damage or non-compliance.

3. Legal Requirement: Failure to obtain the bond can result in fines, permit denials, or operational delays.

In my experience, securing this bond is not just a legal formality—it also enhances your credibility with clients and regulators.

How Does the Bond Work?

A License/Permit Bond involves three parties:

1. Principal: You or your business.

2. Obligee: Burnham Village or the local government agency requiring the bond.

3. Surety: The company issuing the bond.

If you fail to comply with regulations or cause damages, the obligee can file a claim against the bond. The surety pays the claim initially but will seek reimbursement from you as the principal.

Steps to Obtain the Bond

Securing your Burnham Village License/Permit Bond is straightforward:

1. Confirm Requirements: Determine the bond amount and specific conditions from Burnham Village officials.

2. Apply for the Bond: Submit an application to a reputable surety provider like Axcess Surety.

3. Provide Documentation: Include relevant business or financial information, if requested.

4. Pay the Premium: The bond cost is usually a small percentage of the total bond amount.

5. Submit the Bond: Deliver the bond certificate to Burnham Village to finalize your licensing process.

What Does the Bond Cost?

The cost of a License/Permit Bond depends on the bond amount and your financial history. Typically, premiums range from 1% to 5% of the bond value. For example, a $10,000 bond could cost as little as $100 annually for applicants with strong credit. Axcess Surety offers competitive rates to help you stay within budget.

Benefits of a License/Permit Bond

In my view, a License/Permit Bond is more than a regulatory requirement—it’s a business asset. It provides:

• Reassurance to Customers: Clients trust businesses that operate legally and ethically.

• Protection Against Legal Risks: The bond helps mitigate financial exposure from potential claims.

• Enhanced Business Reputation: Meeting licensing requirements demonstrates professionalism.