How do I Start a Bailbond Company?
As a bail bondsman, you serve as a temporary loan officer and post bail for defendants who can't afford to pay it themselves. If the defendant doesn't repay you in a timely manner or if he or she skips town, a bail bondsman sends a bounty hunter to retrieve the defendant, who then goes back to jail. Many former policemen and law enforcement officers enter into the business of bail bonding, not just because it's a familiar line of work, but because bail bondsmen work closely with police departments. Law enforcement experience is a plus, but it is not a necessity in order to work as a bail bondsman. If you want to start your own bail bond company, all you need is some money, proper licensing, good contacts within the law enforcement community and courage.
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Things You'll Need
- State issued bail bond license
- Surety insurance
- Finances or a loan to pay for an office
Instructions
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How to Become a Bail Bondsman
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Contact the Department of Insurance in your state and request license information and a list of schools that offers courses which provide you with a bail bond license. The minimum age to obtain a bail bond license is 18 years old. Most states require that you have a clean criminal record which contains no felonies. The states of Illinois, Kentucky, Oregon and Wisconsin do not allow commercial bail licenses.
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Once you have met your state's education requirements, submit an Agency Producer Application to Surety Financial of America, which is the National Bail Bond General Agent, to apply for a license. As long as you have completed the required courses, you will be given a license.
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Obtain surety insurance. Visit an online directory such as business.com to find an insurance provider. Major insurance providers such as State Farm offer surety insurance, as well as specialized insurance firms such as M.R. Mead & Company and JW Surety Bonds. Surety insurance is a form of financial protection that bail bond companies must keep. It ensures that bail bonds that go unpaid by the bonded party are covered by insurance.
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Choose a location for your business that is also not surrounded by competing bail bond businesses as well. The more competition you have, the more difficult it will be for you to make money.
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Hire experienced, licensed bondsmen who meet state requirements.
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References
- Photo Credit jail in calico ghost town, arizona image by Albo from Fotolia.com
