Surety bonds in Illinois
Illinois businesses, from Chicago contractors to downstate dealers, frequently encounter surety bonds during licensing and bidding. The bond protects the public and the obligee; the bonded Illinois business remains responsible for repaying any claim the surety pays.
Bonds commonly required in Illinois
Contractor / Roofing License Bond
Certain Illinois trades, including some roofing and local contractor licenses, may require a bond protecting consumers.
Motor Vehicle Dealer Bond
Dealers typically must post a bond meant to address certain sales and title violations.
Notary Public Bond
Illinois notaries are generally required to carry a bond supporting the integrity of their notarial acts.
Mortgage / Lending Bond
Mortgage and lending licensees may be required to maintain a surety bond.
Performance & Payment Bonds
Public works in Illinois frequently require these bonds to assure completion and payment.
Since requirements vary by city and license type, verify the exact bond with the obligee or state board, then request a quote.
A surety bond protects the party requiring it (the obligee) and the public — it is not insurance for your business. If a claim is paid, the principal generally repays the surety. Bond requirements and amounts are set by the obligee and vary by license type and jurisdiction. Verify the exact requirement before you buy.
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