Contractor License Bonds
What is a Contractor License Bond?
Contractor License Bonds guarantee a licensed contractor will comply with the rules and regulations set forth by the state licensing division for any person wishing to be a professional contractor.
How does a Contractor License bond work?
A Contract License bond is required to protect the client, the obligee (state requiring the bond), and the company the client is hired to do business for. It is important for the contractor to perform their work and contracted duties in an ethical and legal manor, as required by the state laws and regulations. This is to protect the customer and the other parties involved from fraud. If a problem should occur, the customer has a right to file a claim against the contractor with the state licensing department.
How much does a Contractor License bond Cost?
The cost of this type of bond varies from each individual and the state in which the bond is required. When applying for this type of bond, the credit history of the owner and spouse of the company plays a big factor in determining the bond premium. Someone with good credit may pay a lesser premium than a person with poor credit. However, just because someone has poor credit, does not mean we cannot help you. At Universal Service Agency, we strive to find out clients the best rates with the strongest rated carriers to insure you are getting the best bond coverage available.
How do I get a Contractor License bond?
Contractor License bonds can be acquired by contacting surety bond agents/brokers. Since you’re already here, you can give us a call at 215-646-2400 or Apply Now here.
How to Choose a Bonding Company?
Universal Service Agency offers Surety Service Made Simple. We are the fastest surety only agency in the country, with over 100 years of combined surety experience servicing all 50 states. We exhaust all of our resources to get you the fastest turnaround times and lowest rates. We can help anyone, even clients that may not fit into the standard market. You can get a free quote here or call our bond experts at 215-646-2400.
How long does it take to get a Contractor License bond?
Universal can issue bonds the same day an application is received. The amount of time between application and issuance is affected by a number of factors though, including but not limited to, the size of the obligation, the type of bond, and promptness of the premium payment.
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Universal Service Agency is the fastest “surety only” agency in the country, with over 100 years of combined surety experience servicing all 50 states.