License and Permit Bonds
FarmerBrown.Com licensed to issue license and permit surety bonds in all 50 states. Whether you need a license or permit bond in New York or Alaska, we can get it done immediately!
License and permit bonds are a type of surety bond required of many contractors and tradespeople. Many government agencies require contractors in their respective trade to purchase license and permit bonds before they can be issued a license or a permit to start work on a project. The terms “license bonds” and “permit bonds” are used to refer to this type of surety bond.
What is a License and Permit Bond?
A license and permit bond protects consumers and municipalities from harm by the contractors work. It implies that the contractor will adhere to laws and other regulations set forth by government agencies. Each license bond is distinct to one particular trade and protects consumers and/or the state from any potential damages. License bonds offer protection to governments and consumers from fraudulent practices carried out by the contractor being bonded. It will also protect municipalities from any damage caused by the contractor for violating any building codes or damage to City property. You need to check with the City to see if contractors are required to obtain a license and permit surety bond before they can pull a permit or register as a contractor.
One question that comes up frequently is can I get a “Blanket Bond” that covers me everywhere, the simple answer is NO. Each City has their own requirements so a bond must be purchased specifically for each City.
How Much Does a License and Permit Bond Cost?
Most license and permit surety bonds may be issued instantly without underwriting for a small cost of 1% of the total bond amount. This means that even though your required bond amount might be $10,000, you will only need to pay a $100 premium.
As we stated most license and permit bonds can be issued instantly. However, there are some that must be reviewed by an underwriter before the premium can be determined. The main requirement for getting approved for these bonds is the credit history of the person getting the bond. If your credit is good (700 or Higher Credit Score) you will not have a problem getting approved in the standard market. What this means is that the price an applicant pays will be determined by their credit. Those with good credit will pay less than those with poor credit.
Even if your credit is not the best bonds can still be purchased with bad credit, but they will cost more than someone purchasing a bond with good credit. Our surety bond specialists will work with multiple companies to ensure applicants are getting the lowest rate possible. FarmerBrown.com has access to some of the lowest surety bond rates in the market. Get your free, no-obligation surety bond quote today! Call 312-878-2372 to get your bond and start working.
Types of License and Permit Surety Bonds
There are many different License and Permit Bonds. You can be assured that at FarmerBrown.com we have the experience and expertise to get you the exact bond you need at the best possible price. We are happy to answer any of your questions so either apply online or call for more information. If you need a bond to get a license or a permit we are the go to place for all your bond needs.
WE OFFER ONE HOUR OR LESS TURN AROUND TIME ON MOST
CONTRACTORS LICENSE AND PERMIT BONDS
What are the Key Benefits of choosing FarmerBrown.com?
- A policy uniquely crafted to meet your needs
- Ability to negotiate with insurers to achieve insurance solutions effective for you
- Knowledgeable and Dedicated Team that only handles Bonds
- The security of A rated insurance companies
- Easy payment options
- Online quotes
- Attention to detail and customer service
- Lightning quick service