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Florida Contractor License Bond

Contractors License Bond in FL - State Capital Building  in Tallahassee, FL

The contractor license bond is one of the most common types of surety bond. This type of bond is an agreement between the contractor, the surety, and the state where the contractor is seeking licensure—in this case, Florida. By deterring unethical business actions and poor workmanship on the part of the contractor, a Florida contractor license bond protects the public while generating public trust for contractors.

The contractor license bond is like a guarantee, certifying to the state that you will always work to high ethical and professional standards as a contractor. Contractor license bonds also safeguard the public. They demonstrate that you and your company are reliable, and will provide professional services. People who hire bonded contractors know that they can file for financial recompense against the bond if they are affected by incomplete or work not completed up to quality standards.

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

A contractor license bond is a promise with a financial consequence. It says that the contractor will adhere to state regulations and laws when working on a job. If a contractor doesn't, either by failing to complete the work according to applicable standards and regulations, or by failing to finish at all, the customer can make a claim on the bond. The surety backing the bond pays valid bond claims, and will then seek to recover what was paid out, from the contractor.

Although the primary reason for the contractor license bond is to protect the public, the bond is also an important tool for contractors. It builds confidence with customers, reassuring them that the contractor will most likely work to fix any problems that may arise with the contractor’s work. Customers simply feel more comfortable hiring a bonded contractor than an unlicensed contractor.

How to Get a Contractor License Bond in Florida

Contractors can acquire their Florida contractor license bonds from a surety bond company licensed through the Florida Construction Industry Licensing Board. The bond must be renewed for as long as the contractor remains licensed. Getting the bond is usually as simple as a general surety bond application, a credit check, and paying the premium. The whole process can take as little as a day.

In the State of Florida, contractor license bond amounts are $20,000 for Division I applicants and $10,000 for Division II applicants.

The Cost of Florida Contractor License Bonds

Because Florida contractor license bonds are underwritten individually, how much they their cost varies from applicant to applicant. The final cost depends mostly on the applicant's credit score and to some extent their record as a contractor. Contractors with stronger credit scores can expect their bond cost to be lower that an applicant with challenged credit. The typical price range for these bonds is from 1.5% to 3% of the bond amount.

Florida Contractor License Bonds by Viking Bond Service

You can trust Viking Bond Service with your Florida contractor license bond needs. For more than 15 years, we've been helping ensure that our customers stay compliant with Florida bonding regulations. Our quick, easy Florida contractor license bonding service helps you get the bond you need, with no confusion or headache. Our experienced team of licensed surety bond agents will help you get the Florida contractor license bond you need at a great price. Get started with an online quote request now.

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