Bail Bond Business How to Guide
Starting a Bail Bond Business could be very profitable. Posting
of a Bail Bond may be required by defendants who want to be released on
bail, till such time that their court trial starts and they are
acquitted/convicted. But very often, the defendant may not have the
required funds to post the bail, which is when they approach a Bondsman. A Bail Bond Man enters into a contractual undertaking with the defendant (or his family members). The
agent guarantees that the defendant will appear in court whenever
required, and on this guarantee the defendant is released on bail. For
providing this undertaking, the Bail Bondsman
is paid a fee by the defendant or his co-signers. The Bail Bondsman has
to only pay the bond amount if his charge flees and does not appear in
court for trial. This bond need not be posted from his pocket, but is
typically financed by an admitted insurance company.Essential equipment for a Bail Bond Business:
An
agency does not require any essential equipment as such since they are
only providing an undertaking, which too is backed by an insurance
company. However, to be a Bail Bond Man, you do need to have a license
as per the laws of your respective state. Start-up costs and financing sources:
These
are very low as there is no necessary equipment to buy. You only need
to allocate some funds for advertising and some paperwork. Financing can thus be done through personal savings or with your credit card. Recommended training, experience, & skills for a Bail Bond Business: - Any educational courses mandated by the Department of Insurance in your particular state.
- Training
courses for Bail Bond agents. These teach you everything about the BB
business, how to handle forfeitures, tracing skips, how to hire a
bounty hunter etc.
- You must be over 18 years of age with no prior criminal record of any kind.
- You
should be physically active, should have a commanding presence, and
should have the skills to keep track of your charge’s whereabouts at
all times.
Pricing guidelines & income potential for a Bail Bond Business:
There
are no standard pricing guidelines. A Bail Bond Man typically charges a
percentage (usually 10%-15%) of the bond amount as his fee. As the
amount is fixed by the court, there is no way of telling what the fee
in a particular case would be. It is very easy to earn about $35000 -
$40000 in the first year, with the sky being the upper limit. Advertising and marketing methods: - Yellow pages advert
- Soliciting clients in courtrooms
- Classified ads
Target market for a Bail Bond Business:
The target markets are defendants who wish to be released on bail or to their family members and loved ones. Success tips for a Bail Bond Business: - Collaborating with leading defense lawyers can be very good for a this business. Top defense attorneys
are likely to represent those who may have to pay a high bail amount
for their release, thus netting a higher income for the agency.
- Always have good contacts with expert bounty hunters so that you can re-arrest skips and do not end up paying the Bail Bond.
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