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North Carolina Contractor License Bond

Contractor License Bonds in North Carolina - State Capitol Building in Raleigh, NC

A contractor license bond is an essential part of the licensing process for contractors seeking licensure in North Carolina. The contractor license bond is an agreement between the contractor, the surety, and the North Carolina Licensing Board for General Contractors. Consumers are protected by the bond requirement, but contractor license bonds also boosts consumer confidence in contractors.

The contractor license bond is a sort of financial backup for the state, ensuring that any licensed contractor doing business in the state will conduct themselves ethically and comply with applicable regulations and laws. The public benefits just as much from the guarantee of contractor license bonds. They know that when they hire a licensed, bonded contractor the work will be finished in an acceptable manner. Should problems arise with the work, the public knows that licensed contractors are motivated to resolve them.

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

A contractor license bond is a type of monetary guarantee that any licensed contractor will follow all standards and regulations and conduct their business and complete jobs in a manner that's acceptable. If a contractor fails in this, either by not completing a job or performing a job below acceptable standards, customers can claim against the bond.

Licensed contractors avoid claims; it's just good business. That's because claims can eventually lead to a bond being cancelled. Since a contractor license bond is necessary for doing business, the contractor will have to find a bond with a different surety—and prior claims history can come with much higher costs. It's always best to resolve disputes over jobs performed before they lead to claims on the bond.

Although contractor license bonds are required to protect consumers, these surety bonds are also very useful for the licensed contractors that carry them. Consumers have more confidence in licensed, bonded contractors known for performing quality work.

How to Get a Contractor License Bond in North Carolina

Contractors must purchase North Carolina contractor license bonds and show proof of the bond to the North Carolina Licensing Board for General Contractors to be licensed. These commonly used bonds can be bought from a North Carolina licensed surety bonding company. Any licensed contractor must continue to pay premiums and keep the bond current as long as the license remains active.

The amount required for a given North Carolina contractor license bond varies depending on the city the work will happen in and the type of construction work being done. Contractor license bond amounts in North Carolina range from $2,000 up to $130,000. For contractor license bonds that are individually underwritten, a surety underwriter will take just enough time to review an applicant's qualifications.

In North Carolina, landscape contractors and irrigation contractors are licensed by the state, instead of municipalities or counties—but sureties licensed to issue bonds in North Carolina will be able to provide these contractors with bonds, too.

The Cost of North Carolina Contractor License Bonds

When determining how much the North Carolina contractor license bond will cost, surety companies consider several factors. In some cities the bond is not subject to underwriting and can be issued with payment of premium. In other cities the surety will underwrite the bond request. For those North Carolina contractor license bonds that rely on credit, good credit can prompt lower quotes, but any applicants, including those with credit challenges, can apply and receive quotes. As credit improves year over year, the bonds can be re-underwritten for lower premiums. The typical price range for a North Carolina contractor license bond is based on credit, contractor history, and the bond amount. Quotes for these bonds typically range from 2% through 5% of the required bond amount. Quotes can come in outside this range, both on the high end and low end, depending on credit and other underwriting factors.

North Carolina Contractor License Bonds by Viking Bond Service

At Viking Bond Service, we've worked hard over the years to secure and maintain our reputation as a reliable North Carolina contractor license bond surety. Our contractor clients and others in North Carolinians have trusted our team for more than a decade to provide the surety bonds they need at competitive pricing. Our bond agents can help you through the North Carolina contractor license bonding process, without any headaches or delay. Call us today or use our online application to get started.

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