If you want to start a bail bonds business, there are a couple of things you need to know. It is a growing business and needed on a daily basis. Owning a bail bonds business means you will become a bail bondsman. A bail bondsman is someone you can get to bail you out of jail when the judge sets your bail at an amount that you cannot afford.
To be a good bail bondsman, you should have the knowledge and experience to make the family of the defendant feel secure and safe with you. You should explain to the family every step that needs to be taken and keep them in the loop of what is going on. If you are sure this is what you want, let us go into detail with what you need to do to start this kind of business.
Do Your Research
You need to know if this is the right business for you. Talk to your local judges, attorneys, and other bail bond companies like https://www.bobblockbailbonds.com/ to understand the business more. Make sure this business is needed in your area.
There are some requirements that you need to meet before you can start the business. Every state is different, so make sure you do your research, but some of the most common requirements are: must be 18 years or older, have a high school diploma or GED, take a bail bonds course and pass the exam, be able to cover the financials, and get endorsed by a company.
Take a Pre-license Course
Taking a pre-license course whether it is required or not will help you understand the business more. Not every state requires it. It will help you get ready for the exam.
Passing the Bail Bonds Exam
After you have taken the course, you will then have to take an exam. The exam consists of 50 to 60 questions and you get an hour to complete it. It will consist of general knowledge, practices, and laws of the business. Before you take the test make sure you have everything you need and show up prepared.
Apply for Your License
After you pass the test, you can then apply for your license. To apply, visit the state’s department of insurance website. You will need to submit a couple of things when applying including a fee, your score on the test, surety bond, and proof that you are endorsed by a company.
Find a Surety Company
Finding a surety company is a requirement in some states. If you bail someone out of jail and they go on the run, the money that you put up for bail becomes forfeit, and a surety company will back you up and put up the money needed to pay it off.
Register Your Bail Bonds Business
After you complete all the steps above, register your business. First, have a name for your business, then visit the secretary of state website to register your business as an LLC or a corporation. You will need the following three things to register: tax identification number, bank account under the business name, and a lawyer familiar with your state’s bail process. If you don’t have an office yet, apply for a P.O box.
Set up Your Payment Plans
Once you get your business up and running. Make yourself a website and set up your payment plans. It will need to be a high-risk merchant account. Banks don’t generally want to work with bail bonds because you are at a high risk of fraud and have clients that do not want to pay.
Starting a bail bonds business, just like other businesses, is not a walk-in-the-park. You will need to invest not only money but your time and patience, especially when it comes to doing the above steps. At the end of the day, when you become successful in this field, you can truly say all your efforts are worth it.