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Utah Contractor License Bond

Contractor License Bonds in Utah - State Capital Building Salt Lake City, Utah

A contractor license bond is necessary for any contractor licensed in the State of Utah. This type of bond is an agreement between the contractor, the state, and the surety, all three parties connected to any job. The contractor license bond provides reassurance for Utah consumers and helps build trust for licensed contractors among members of the public.

The contractor license bond works like a guarantee to the state that you as a contractor will follow all applicable trade and workmanship standards as well as any applicable laws and regulations. Contractor license bonds also show the public that your work is high quality, and that you will actively work to fix problems that arise in the work performed. The bond provides consumers with a financial recourse should the bonded contractor not complete the job in an acceptable manner.

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

A contractor license bond is a form of guarantee that the contractor will perform his/her job duties properly. Contractors who fail to complete projects or complete them poorly raise the potential for claims on their contractor license bond. Bond claims can lead to bond cancellation, so they have a negative impact on a specific contractor’s ability to stay licensed. Since maintaining licensure means having a bond, it’s best to avoid claims.

Although contractor license bonds are implemented as a public protection, the bond is also an important tool for contractors. The bond encourages consumers to hire licensed contractors, knowing that these contractors will complete the job and provide quality work and/or service. In this way, contractor license bonds generate consumer confidence and trust.

How to Get a Contractor License Bond in Utah

All Utah licensed contractors must have Utah contractor license bonds. The bond can be purchased from a surety bond company licensed through the Utah Department of Commerce Division of Occupational and Professional Licensing. In general, the bonding process consists of a surety bond application, a credit check, and payment of the premium. The process is quick, and can take as little as a day to complete.

The Cost of Utah Contractor License Bonds

There are three types of bonds for Utah contractor license bonds, in line with the kind of contractors license you need. General engineering and general building contractors need a minimum $50,000 Utah contractors license bond. Residential contractors and small commercial contractors need a minimum $25,000 bond. All other contractors need a minimum $15,000 bond.

Utah contractor license bonds are individually underwritten, so their cost varies from applicant to applicant. A surety will consider the contractors credit, the bond amount, and to some extent the contractor’s work history when deciding on the cost. Prior claim history is also important, and can have a significantly negative effect on the bond premium.

The usual price quoted for Utah contractor license bonds varies from 1.5% to 3% of the bond amount. While most quotes will fall within this range, some do come in both lower and higher than that range based on the details of the application.

Utah Contractor License Bonds by Viking Bond Service

You can trust Viking Bond Service to help you get your Utah contractor license bond. For more than a decade, we've been helping our Utah clients meet their surety bond requirements for a great price. Our licensed surety bond specialists will help you get started with an online quote request now, so let's work on a Utah contractor bond that won't hurt your budget today.

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