How to Get a Washington Surety Bond
- Apply For Your Bond. To begin the bonding process, complete the online application form.
- Get a Bond Rate. As soon as we receive your application, we will begin processing it and looking for the lowest possible rate at which you can get bonded.
- Buy Your Bond.
How much does a surety bond cost in Washington state?
Washington Contractor License Bond Requirements General contractors require a $12,000 surety bond, and specialty contractors need a $6,000 bond that they must post to the Washington State Dept. of Labor & Industries (L&I).
How do I purchase a bond in Washington state?
How to get a Washington Contractor License
- Register your business with the Washington Secretary of State.
- Complete a Business License Application online.
- Get your Employer ID number.
- Fill out a Contractor Registration Application and have it notarized.
- Provide the original proof of a Surety Bond and Liability Insurance.
How much is it to get bonded and insured in Washington state?
The Washington Contractor License surety bond can cost anywhere between $100 to $1,260 per year. Insurance companies determine the rate based on a number of factors including your customer’s credit score and experience.
How do you get licensed and bonded in Washington state?
To get a contractor license, you’ll need a $12,000 surety bond for a general contractor, or a $6,000 surety bond for a specialty contractor. You can get a bond from an insurance agent. The Department of Labor & Industries requires you to submit an original of this bond; make sure to make copies for your records.
What is the purpose of a surety bond?
A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).
What is a $10 000 surety bond?
Your Texas Notary Surety Bond. Texas law requires all Notaries to purchase and maintain a $10,000 Notary surety bond for the duration of their 4-year commission. The Notary bond protects the public of Texas against any financial loss due to improper conduct by an Texas Notary.
How much does it cost to purchase a surety bond?
On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.
How do I get a 10000 surety bond in Washington state?
Step 2: Order your $10,000 surety bond from Notary Rotary, Inc. The first time you apply and each time you renew your appointment, you must purchase a $10,000 surety bond from a company qualified to write surety bonds in the state of Washington. The surety bond must cover the four-year period of the notary public term.
How do you get a surety bond?
How to Get a Surety Bond: 5 Easy Steps
- Determine the bond type and bond amount you need.
- Gather the information required to apply for your surety bond.
- Apply with SuretyBonds.com to get your free, no obligation quote.
- Purchase and receive your bond.
- File your surety bond with the obligee.
How much is a $12000 bond?
$12,000 General Contractor Surety Bond Cost for those with bad credit can still acquire a bond rate as low as a $50/1,000. So for a $12,000 bond this means you will pay around $600 in premium for your surety bond.
Why is a bond required for contractors?
The bond protects against disruptions or financial loss due to a contractor’s failure to complete a project or failure to meet project specifications. By submitting a construction bond, the party managing the construction work states they can complete the job according to the contractual policy.
Can a handyman do electrical work in Washington state?
In Washington state you need a permit to do electrical and plumbing work. Washington does not allow a handyman to do work that requires a permit and all work must be physically done by them.
Can a general contractor do electrical work in Washington?
General contractors can perform most types of construction work. However, contractors working with plumbing, electrical, elevators, mobile home installation, boilers, and asbestos have additional requirements for education, examination, and licensing.
Do subcontractors need a license?
Subcontractors also need a license when working for general contractors for any work over $50,000. There are several subcontractor license classes. They include carpentry, masonry, and what the state considers specialty construction like electrical and mechanical (including HVAC and plumbing).