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Illinois Contractor License Bond

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What is an Illinois Contractor License Bond?

In the state of Illinois, many types of contractors are required to have a license to do business. When a license is necessary, an Illinois contractor license bond may also be a requirement. An Illinois contractor license bond is a form of security posted by the contractor to ensure compliance with state and local laws in the construction industry.

Three parties are involved in an Illinois contractor license bond agreement: the principal, which is the licensed contractor required to post a bond; the surety company that provides the bond and pays claims on behalf of the contractor; and the obligee which is the state or local authority requiring a bond to be put in place. Claims made against the bond are paid by the surety initially, but licensed contractors repay successful claims.

What Does an Illinois Contractor License Bond Cost?

The Illinois contractor license bond you need varies based on where the work will be performed and the type of license you hold. Limited license contractors require a $10,000 bond, while unlimited contractors may have to post a $25,000 bond. General contractors throughout the state may need a $5,000 to $50,000 bond, depending on local licensing requirements.

Fortunately, you do not pay the entire amount of the bond. Surety companies price Illinois contractor license bonds as a percentage of the total bond requirement, ranging from 1 to 10%. For contractors with strong credit scores, the bond premium is closer to 1 to 3%, while contractors with poor credit pay a higher percentage.

How Do I Get an Illinois Contractor License Bond?

If you are ready to secure an Illinois contractor license bond, you can submit a quote request and short application online. The surety company will review your personal credit details along with your application to determine your bond premium. Once you have this information, you can move forward to finalize the bond.


Frequent Questions

How much does a bond cost?

Pricing is a percentage of the contractor license bond amount that’s required of you, which is based on your personal credit. Use our bond pricing tool to to get a quick ballpark estimate.

Can I get bonded with bad credit?

Yes. You can apply and get bonded with bad credit. Our agency is the largest writer of bonds in the county, which allows us to approve contractors for bonds when other agencies cannot.

Are these the same as contract bonds?

No. Contractor license bonds ensure you will abide by the laws of your state, city or municipality when performing contracting work. Contract bonds guarantee public projects will be completed properly and are a separate bond type. You can learn more about contract surety bonds by visiting the contractor bond center.

Do I need a state or local bond?

It depends on who is requiring the bond of you, the local municipality, county or state. Depending on your location, it is possible you may need both a local and state bond, as contractor license bond requirements can vary drastically. You can select your state to see a full list of contractor license bond requirements.


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Jennifer Henson
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
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Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.

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