In the State of Illinois, it is required that you possess an Illinois Insurance Producer License Bond in order to be licensed by the State. There are educational requirements that you have to meet before licensing or license renewal can occur. Please visit the Illinois Department of Insurance for more information.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Illinois Registered Firm Surety Bond holds you accountable for your business decisions.
By possessing an Illinois Registered Firm Surety Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.