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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.
Get Your Contractor License Bonds Quickly
Being successful and having a thriving contractor business is challenging. With the kind of industry expertise, education, and intuition it takes to be a contractor, it’s important that you give yourself the best shot possible to make it in the market. One key part of that is getting contractor bonds to insure yourself.
Not only do most states require you to get your contractor bond for your license, but there are plenty of business benefits to having one as well. You’re more likely to get clients that trust you and know that your services are backed up by a surety provider, which goes a long way in building a reliable clientele.
With a large network of bond providers nationwide, our insurance agents are pros at finding the best possible premium deals for your industry and region. Get a free quote for your contractor license bond by filling out our application.