A contractor license bond is a required by most state licensing boards to legally operate a construction company. The professionals at Safeguard Insurance have provided contractors large and small with affordable surety bonds for over 20 years.
Contractor’s License Bond Definition
Contractor license bonds protect the public including your customers, subcontractors, and suppliers. A claim can be made against your bond for uncompleted or defective work, unpaid subcontractors, and suppliers. The obligee of your contractor license bond (typically the contractors licensing board) may also file a claim against your bond for violations of your state license laws.
General Contractor License Bond Requirements
The licensing board will determine the size of the bond you are required to carry. This bond requirement will vary based on your financials and bid limit. Generally speaking, the higher your bid limit the larger the bond requirement will be. Certain license types may also require a higher bond requirement.
Contractors may also be required to provide a business license bond to a city or town as a condition of obtaining a business license. Please note that these are different from contractor license bonds. Also, if you have multiple contractor licenses you may be required to secure a bond for each licensed trade.
Contractor License Bond Rates
We work with multiple providers of contractor license bonds in Nevada. Our rates start as low as 1% for a contractor license bond. We work only with A-rated surety providers such as Suretec, Great American, RLI Surety, Western National, CNA Surety, Hartford, and Travelers.
Even if your credit has a few dings, we can help you find an affordable rate with minimal underwriting hassle.
Request a Surety Bond Quote
Call us at 702.638.0022 or complete the short contact form on this page. One of our expert surety bond agents will contact you discuss what options and programs are best for your needs.
Safeguard Insurance is located in Las Vegas, NV. We are licensed to offer contractor license bonds in Nevada, Arizona, Utah, and California.