As a whole, the US bail bonds industry writes approximately $14 billion in bonds annually.
In the US, the average annual salary for a bail bondsman is about $25,000. However, salaries vary by state.
In order to become a bondsman, you have to make sure you have the proper education, licensing, and funding.
Keep reading to find out what steps you need to take to enter the bail bonds business!
Make Sure You’re Eligible
Check your eligibility before beginning the process of becoming a bail bondsman.
For starters, most states require you to be 18 or older and hold either a high school diploma or GED. You must also be a citizen or legal resident.
Also, states like New Jersey are implementing new laws that prevent the assignment of bail. Therefore, research state laws to learn about the specific guidelines in your state.
At least 6 states have outlawed commercial bail bonds, including the following:
Get Your Education
While many bail bondsmen have degrees in law or finance, a college degree is not a requirement. Some, but not all, states require prospects to take a pre-licensing course. This will teach you the basics of bail bonds and prepare you for the exam.
After you actually become a bail bondsman, you’ll need to continue your education as well. You can do this by becoming a member of an organization like the Professional Bail Agents of the US.
Pass the Licensing Exam
Once you obtain your pre-licensing certificate, you need to take the licensing exam.
The average state licensing exam consists of about 50 multiple choice questions. These cover several topics, ranging from ethics to client rights, and you’ll have an hour to complete it.
If you fail the exam the first time, you’ll have a chance to take it again in most cases. However, you usually need to pay a fee to take the exam.
Prepare Your Business
On top of researching local laws, you should start researching the bail bond market too. Look at how many people are serving jail time in your area. Also, find out how many people get released by commercial bail.
Additionally, you’ll need to begin developing relationships with local law enforcement. They can help you gain access to the valuable statistics you need.
Finally, launch a website for your bail bonds business. Make sure to have your contact info readily available on your site like Action Immigration Bonds.
With the exception of extremely wealthy individuals, most people cannot afford to write bail bonds on their own assets. Plus, many states don’t allow you to do so. Instead, you need the assets of insurance companies to cover yourself.
Your financial standing determines the rates you receive from insurance companies. If you have a higher credit score and more experience, you can expect better rates.
Don’t forget to hire a lawyer first. They can review the insurance contract for you before you sign on the dotted line.
Final Thoughts on Entering the Bail Bonds Business
Being a bail bondsman can be an incredibly rewarding experience. It’s a long-term career opportunity that pays fairly well. It also allows you to help others.
To become a good bail bondsman, you’ll need to cultivate excellent social skills. Also, focus on being patient and flexible, and get ready to deal with clients from all backgrounds.
If you want to learn skills that will help you succeed, feel free to check out some of our online courses!