Contractors Secure Surety Bonds Instantly Hassle-Free License Renewal
Financial Considerations
The cost of a surety bond generally depends on the bond amount and the contractor's credit score. Typically, contractors can expect to pay between 1% and 3% of the total bond amount annually1. For instance, a $10,000 bond might cost a contractor $100 to $300 per year. It's essential to shop around and compare different providers to secure the best deal. Some providers may offer discounts or lower rates for contractors with excellent credit scores or a proven track record of successful projects.