Electrical Contractor Bond
As part of the licensing process, electricians across the country need to post an electrical license bond or electrical contractors bond. Depending on the electrician's location, the bond may be required by state, county, or city authorities.
What is an Electrical Contractor Bond?
An electrical contractor bond ensures that electricians will adhere to all applicable laws and professional standards, protecting their customers and the authority that issued their license.
Who needs Electrical Contractor Bonds?
Typically, electricians are required to register or get licensed with their city, county, or state in order to be in business. In many cases, getting an electrician license requires posting a bond.
The following states require electricians to have a bond in order to get their license:
How much does a Electrical Contractor Bond cost?
While the authority issuing your license sets the amount of the bond, you will only pay a portion of that amount. The percentage you pay is the bond premium and can range from 1% to 5% of the amount of the bond.
Your premium you pay will depend on your financial stability. The surety underwriter will examine your personal and business finances, like your personal credit score and business assets. If the underwriter determines that the risk to bond you is low, your premium will be low.
Can you get an Electrician Bond with bad credit?
Brunswick Companies has a large network of surety companies that makes it easier for our bond advisors to find the right fit you. We can help you get bonded even if you have:
- bad credit,
- bankruptcies, or
- civil judgements.
Under such circumstances, though, you can expect your premium to be in the range of 5% to 10% to compensate for the additional risk you pose.
How do you get an Electrical License Bond?
To begin, complete the quote form online. One of our bond advisors will receive your information and contact you quickly. They can answer all your questions about bonding and help you choose the options that are right for you and your business.
FeaturedArticles
