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Contractors Bond Information
Being a licensed independent contractor is by no means an easy task. You not only have to find work, apply for the roles and complete the work, but you also have to maintain your own safety standards and work regulations following the laws of the state you are working in. This is where your bond policy comes into play.
Your bond is a policy that ensures that if you intentionally ignore any laws or regulations, or if you or one of your employees causes this to occur, that you have financial backing to be able to quickly and easily pay damages to any person that may have been affected by the bad judgement of your business. You will normally need to have a bond policy in place before your license will be approved.
The company that issues your bond, also known as the surety, is not a typical insurance company. While the financial support is there for consumers or government agencies to collect should your business cause any financial losses, the surety will not simply ‘absorb’ the monies that it spends to rectify these issues. The surety takes the burden of finding large amounts of money quickly away from your business, but will seek to be reimbursed for all costs associated with malpractice or negligence that has been claimed on your bond.
Your contractor license bond does not cover accidental injury or damage, only wilful acts. You will also need to have public liability insurance to be able to cover the public should an accident occur.