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Electrical Contractor Bond

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What is an Electrical Contractor Bond?

In many states throughout the U.S., the process of obtaining an electrician license requires securing an electrical contractor bond. An electrical contractor bond is a form of contractor bond. It provides some protections to the state licensing authority as well as the contractor’s customers that work will be performed as agreed upon and in line with current regulations and laws.

An electrical contractor bond works like many other surety bonds. There is an obligee, which is the state or local authority requiring the bond, the principal, which is the electrician who must post the bond, and the surety providing the bond. If something goes wrong during a contractual agreement with the electrician, a customer can make a claim for financial losses and damages against the bond. The surety initially pays the cost of legitimate claims, but the licensed electrician is ultimately responsible for repaying the claim amount.

What Does an Electrical Contractor Bond Cost?

As with other contractor bonds, an electrical contractor bond is priced as a percentage of the total bond amount required by the licensing authority. This percentage can range from 1 to 5% for most licensed electricians. As an example, a $10,000 bond with a rate of 3% costs you $300.

When applying for an electrical contractor bond, the surety agency will review your personal credit history and score, as well as details of your business finances. If you don’t have great credit or haven’t been in business long, you can still get an electrical contractor bond. However, the percentage rate you pay will be higher than for someone with excellent credit.

How to Obtain an Electrical Contractor Bond

You can start the process of obtaining the electrical contractor bond you need by submitting a request for a free quote through our short online form.

Frequent Questions

How much does this bond cost?

The cost is usually 1 – 10% of the bond amount. Keep in mind that pricing varies based on the bond amount, and your financial strength.

What is the process?

Apply and get approved on our website, sign the surety agreements, and we will ship the bond out. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here.

Can I get this bond with bad credit?

Yes, it’s possible, but bad credit usually results in higher rates.

Does it matter where I get a bond?

Yes. We provide the lowest rates possible as a result of the large volume of bonds we write.

What if a false claim is filed?

You must contact us immediately, as we have a team of claim specialists here to find a resolution for you. Keep in mind, it is crucial that you work with an expert in the surety industry. Learn more about how to ensure you choose the proper bond company.

Are you looking for a different type of bond?

You can take a look at our full list of license and permit bonds.

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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.
David Tillotson
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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About JW Surety Bonds
We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company.