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Nevada Contractor License Bond

Contractor License Bonds in Nevada - State Capitol Building in Carson City, NV

A contractor license bond is an essential part of the licensing process for contractors seeking licensure in Nevada. The contractor license bond is an agreement between the surety, the contractor, and the Nevada State Contractors Board. The surety bond requirement is in place as a consumer protection. Contractor license bonds also serve the purpose of boosting consumer confidence in hiring contractors.

The contractor license bond is a kind of guarantee for the state that a contractor will conduct business in line with applicable state laws, regulations and standards. It tells the state that you as a contractor will always uphold high ethical and professional practices. The public also benefits from contractor license bonds. Being bonded tells the public that the contractor will complete the work in an acceptable manner and will seek to remedy any issues with the work performed if any should arise.

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

A contractor license bond is a form of financial guarantee that the licensed contractor will conduct business and complete work in a manner acceptable to state standards and regulations. If a contractor doesn't deliver, either by performing a job with poor workmanship or not completing a job, the potential for a claim to be made on the bond arises.

It’s good business to avoid bond claims. Claims on the contractor license bond could lead to the surety cancelling the bond. When this happens, the contractor will have to find a bond with a different surety, often with higher costs due to the prior claims history. Since the contractor license bond is a requirement to maintain licensure, it’s best to resolve any issues with the performed work before it results in a claim on the bond.

While required as a consumer protection, contractor license bonds are also a useful tool for licensed contractors. The bond helps with building consumer confidence in contractors. It lets them know that they’re working with a contractor who will perform quality work for them.

How to Get a Contractor License Bond in Nevada

Contractors must purchase Nevada contractor license bonds and show proof of the bond to the Nevada State Contractors Board to be licensed. These bonds are common and can be purchased from a surety bonding company licensed through the State of Nevada. As long as the license remains active, the contractor must pay premiums to keep the bond current.

Contractor license bond amounts vary in Nevada. The Nevada State Contractors Board determines the amount of the bond, which varies from $1,000 to $500,000. The Board decides the bond amount based on the kind of contractors license applied for, the experience of the applicant, perceived financial responsibility, monetary limit granted, and the applicant's character.

In Nevada, there are additional requirements for pool and spa contractors. These contractors must have an additional consumer protection bond in an amount fixed by the Boar. The amount of these bonds set by the Board are based on the contractor’s professional and financial responsibility and the size of their operations, but are always at least $10,000 and no more than $400,000.

The Cost of Nevada Contractor License Bonds

Surety companies determine how much Nevada contractor license bonds cost based on the factors surrounding the individual applicant. The total cost depends mostly on the contractor's credit, and their record as a contractor to some extent, especially if the contractor has past bond claims. Contractors with good credit will typically receive lower bond quotes than a contractor with challenged credit. The typical price range for a Nevada contractor license bond is from 1% to 3% of the bond amount.

Nevada Contractor License Bonds by Viking Bond Service

Viking Bond Service has earned a reputation as a top Nevada contractor license bond provider. Just like people across the nation have for over a decade, businesses and individuals in Nevada trust us to help them secure contractor license bonds. Our experienced team of licensed surety bond agents will get you through the simple Nevada contractor license bonding process, so you get the bond you need with no problems or headache. Call us today or use our online application to get started.

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