Before beginning a career as a private investigator and opening a detective agency, individuals in Phoenix must have all the necessary paperwork that’s required by law. One important document, that’s required by Arizona law, that all individuals must possess is a surety bond. Individuals who are unfamiliar with this type of bond should read the frequently asked questions below to learn essential information about the purchase of private investigator bonds in Phoenix.
Why is a private investigator surety bond required by the state of Arizona?
A surety bond is a mandatory licensing bond that protects the clients of private investigators from fraud or deceitful practices. Individuals who apply for a private investigator license cannot get one unless they have a surety bond. By having a surety bond, private investigators are required to follow all of the laws and requirements of the state while performing their job duties for clients. If a client alleges that the investigator has been dishonest or deceitful, the client can file a claim with the company that issued the surety bond. If the claim is accepted, the client can receive compensation for any damages that were caused due to the fraudulent acts of the private investigator. The state of Arizona requires this type of bond so the clients are fully protected if they’re deceived by a private investigator.
How does a private investigator obtain a surety bond and what does it cost?
An individual who wants to open a private investigator business can secure a surety bond from a bond specialist company that provides this service. Applicants will have to provide personal information, which often includes financial details, a current credit score and tax returns. Individuals must also sign a document that states the responsibility of repayment to the surety bond company if any claims are made and fulfilled by the company. Individuals will also have to pay a bond premium to the surety company when purchasing Private Investigator Bonds in Phoenix. The amount of the premium can vary as it’s often calculated based on credit score results, financial statements and assets.
Individuals who need a private investigator bond can browse our website to learn more information about this type of surety bond. To speak with a representative, individuals can fill out the online contact form or submit the request a quote form.
