Home base at 261 East Broadway, Monticello
30+ years of combined team experience
Coverage compared across multiple carriers
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Bonds and Insurance Under One Roof
Contractors and business owners often carry both bonding and insurance requirements on the same job. Keeping them with separate agencies means two relationships to manage, two renewal timelines to track, and two phone calls when a deadline appears. Our commercial team writes surety bonds alongside general liability, workers' compensation, and commercial auto — so every requirement on your project can be handled through one agency and one conversation.
For contractors who also need to review or update their underlying coverage, our contractor insurance page covers the full picture.
Most bond requirements come with a deadline, a form you've never seen before, and a question you weren't expecting: which bond do I actually need? At 5 Star Insurance Protectors, our commercial team in Monticello reviews the requirement with you before anything is submitted — so you get the right bond the first time.
Surety bond requirements vary by project, license type, and contracting authority. The most common types we work with include:
- License and Permit Bonds — Required by state or local government as a condition of holding a contractor's license or operating permit in Minnesota.
- Bid Bonds — Submitted with a project bid to demonstrate that you can enter into the contract and provide the required performance and payment bonds if awarded.
- Performance Bonds — Guarantee that a contractor will complete the contracted work according to its terms and specifications.
- Payment Bonds — Guarantee that subcontractors, suppliers, and laborers will be paid, even if the primary contractor defaults.
- Notary Bonds — Required for commissioned notaries public in Minnesota as a condition of appointment.
- Other Commercial Surety Bonds — A range of bonds required by courts, government agencies, or licensing bodies for specific business activities.
If you're not sure which category your requirement falls into, bring us the paperwork. We'll read it and tell you exactly what you need.
Bond Types We Can Help You Obtain
What's the Difference Between a Bond and Insurance?
This is one of the most common questions we hear, and it's worth answering clearly before you apply for anything.
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Common Questions
Is a surety bond the same as insurance?
No. Insurance is a two-party agreement between you and your insurer — if a covered loss occurs, your insurer pays you. A surety bond is a three-party agreement: the bonding company (surety) guarantees to the obligee (the party requiring the bond, often a government agency or project owner) that you, the principal, will fulfill a specific obligation. If you don't, the surety may pay the obligee and then seek reimbursement from you.No. Insurance is a two-party agreement between you and your insurer — if a covered loss occurs, your insurer pays you. A surety bond is a three-party agreement: the bonding company (surety) guarantees to the obligee (the party requiring the bond, often a government agency or project owner) that you, the principal, will fulfill a specific obligation. If you don't, the surety may pay the obligee and then seek reimbursement from you.Do I need both a bond and insurance?
Often, yes. Many licensing authorities and project contracts require both. A bond satisfies the obligation guarantee; your commercial insurance covers liability, property damage, and other covered losses that arise from your operations. They serve different purposes and neither replaces the other.Often, yes. Many licensing authorities and project contracts require both. A bond satisfies the obligation guarantee; your commercial insurance covers liability, property damage, and other covered losses that arise from your operations. They serve different purposes and neither replaces the other.How do I know which bond I need?
The bond requirement will be specified in your license application, contract documents, or government filing instructions. Bring that documentation to us and we'll identify the correct bond type, the required bond amount, and the appropriate carrier before you submit anything.The bond requirement will be specified in your license application, contract documents, or government filing instructions. Bring that documentation to us and we'll identify the correct bond type, the required bond amount, and the appropriate carrier before you submit anything.How long does it take to get a surety bond in Minnesota?
Many license and permit bonds can be issued within one to two business days once we have the required information. Bid, performance, and payment bonds tied to larger construction contracts may require underwriting review and take longer. If you have a deadline, contact us as early as possible so we have time to work.Many license and permit bonds can be issued within one to two business days once we have the required information. Bid, performance, and payment bonds tied to larger construction contracts may require underwriting review and take longer. If you have a deadline, contact us as early as possible so we have time to work.Can I get a surety bond if I have less-than-perfect credit?
Credit is one factor in surety underwriting, but it's not always disqualifying. Because we work with multiple carriers, we can often find a bonding market that fits your situation. The best step is to reach out and let us review your specific requirement and circumstances.Credit is one factor in surety underwriting, but it's not always disqualifying. Because we work with multiple carriers, we can often find a bonding market that fits your situation. The best step is to reach out and let us review your specific requirement and circumstances.
How We Handle Bond Requests
When a bond requirement lands on your desk, the process with our team is straightforward.
We start by reviewing the actual requirement — the license application, contract language, or government form — to confirm the bond type and amount. From there, we match the requirement to the appropriate carrier from our network and submit the application on your behalf. Once approved, we deliver the bond documentation you need to satisfy the requirement. For contractors managing multiple licenses or recurring project bonds, we track renewal dates alongside your other commercial policies so nothing slips through.
Our commercial team is based in Monticello and handles bond requests directly. You're not routed to a call center — you're working with people who know your business and can move when a bid deadline is approaching.
Bond requirements don't wait, and guessing at the wrong bond type costs time you may not have. Reach out to our commercial team in Monticello to review your requirement and get the process started.
Prefer to talk now? Call us at
(763) 432-2645.
