Do you plan on becoming a contractor? If you are, then you might have already come across the term “licensing bonds” as you researched about licensing requirements.
However, despite being one of the most common prerequisites for contracting businesses in almost every state, many aspiring (and even existing) contractors still get confused about the role and purpose of license bonds.
What are contractor license bonds?
In most areas, contractors are required to obtain several types of surety bonds before being allowed to operate, and a contractor license bond is one of them. This licensing bond is a legally binding contract that protects the main parties involved in the project – you (as the contractor), your client, and the state bond issuing agency.
Why do you need one?
Acquiring a license bond is one way to assure your clients of your work ethics and the quality of your professional services. Should you violate the regulations that are in place, or make unethical decisions that affect the parties negatively, then they can make claims against your bond for monetary recompense.
Simply put, getting a contractor license bond sends the right message to your potential clients. Putting all the necessary guarantees in place also boosts the reputation of your company.
Getting a License Bond
Contractors License Bonds can come in different types, depending on the kind of contracting work that you do. Obtaining them, however, is a straightforward process. In fact, with Bennett and Porter, you can expect to have your bond in just a few days!
Should you need a license bond or any form of contractor bonding, our team of professionals is here you help you.
Contact us or apply online to get a bond quote today!