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Illinois Contractors License Bond

Contractor License Bonds in Illinois - State Capitol Building Springfield, Illinois

Contractor license bonds are essential surety bonds in the State of Illinois. This type of bond is required for anyone seeking a contractor license in Illinois and serves as a means of guaranteeing the contractors adherence to applicable regulations and standards. The bond helps ensure that licensed contractors in the state can be trusted to do good work. Contractor license bonds serve multiple purposes, but their most important function is protection for consumers. The bond helps consumers feel secure hiring a contractor, knowing that they have financial recourse when work is not performed in an acceptable manner.

Although the contractor license bond itself is geared toward guarding the public, licensed, bonded contractors also build consumer confidence and trust.

What Is a Contractor License Bond and What Does It Cover?

A contractor license bond provides a form of guarantee that the bonded contractor will perform the job in a manner acceptable to applicable trade and workmanship standards. The bond gives the contractor additional incentive to perform quality work and stand by their work. The bond also promotes problem resolution in instances where issues may arise with work completed by the contractor.

All roofing contractors and plumbers in Illinois must be licensed and bonded before performing any work, anywhere in the state. Illinois is somewhat unique, however, in that almost all other kinds of contractors have to be licensed and bonded by the city or county they will be working in. In Chicago the rules are different, and bond requirements are set forth in Title 4 of the Chicago Code.

Contractor license bonds for the following licenses are frequently required by cities, counties, townships, and villages in the state of Illinois:

  • building or construction
  • electrical
  • general
  • heating, ventilation, and air conditioning (HVAC)
  • masonry
  • wrecking or excavation

How to Get a Contractor License Bond in Illinois

Contractors can purchase Illinois contractor license bonds from a surety bond company licensed by the Illinois Department of Insurance. The contractor must keep the bond current by paying annual premiums for as long as the contractor license is active. The process of obtaining the bond is simple; in most cases it can be completed in as little as a day, and only involves a general commercial bond application, a credit check, and payment of premium.

Illinois Contractors must be bonded to protect the general public from any damage that arises because of the contractor's failure to follow all applicable regulations and standards. Incomplete work or poor workmanship can lead to claims on the contractor's surety bond. The surety will pay out on a valid claim, and then seek to collect the amount paid out on claims from the contractor. This in turn can make it harder or more expensive for the contractor to get another bond, so contractors who are licensed have a great motivation to see that any issues are resolved prior to a claim being made on the contractor license bond.

The Cost of Illinois Contractor License Bonds

The cost of surety bonds for Illinois contractors varies based on the location of the work, the type of work, the bond amount, the risk associated with the license and the applicants credit. The typical price range for contractor license bonds in Illinois is from 1% to 3% of the required bond amount.

Illinois Contractor License Bonds by Viking Bond Service

It's simplest to get your Illinois contractor license bond through an experienced, reliable bonding company. Viking Bond Service has provided contractor license bonds for clients around the Prairie State for over a decade, so you can trust us with your Illinois contractor license bond request. Our process is easy, stress-free, and quick, so reach out for an online quote request from Viking Bond Service now.

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