Skip to content. | Skip to navigation

Personal tools
Sections
You are here: Home Focus 3 Benefits of Purchasing a Contractor Bond Online

3 Benefits of Purchasing a Contractor Bond Online

In many states, it is a requirement to have a valid contractor bond before you are issued with a contractor's license. The same is true if you are applying to renew an active license or reactivate an inactive one.

A contractor's bond not only ensures you are in conformity with state and local authority legislation, but it also increases your credibility in the industry. Moreover, your company will be able to bid for choice contracts.

As a contractor, you can choose to purchase your contractor bond at a traditional brick and mortar agency or on the web. Of the two alternatives, the online option offers some clear advantages.

Here are three of the most persuasive ones:

1. Speedy and Convenient Process

When you choose to purchase your contractor bond online, you are guaranteed a speedier service than you would get in a walk-in agency. You can rely on expert and helpful agents to guide you through all the latest requirements set by local or state regulators. The online agents will comb through every application to ensure all the necessary details are in order including:

  • The requested bond is in the right category.
  • The business name and license number correspond to the registration details filed with regulators.
  • The bond application conforms to official standards and recommendations.

In most cases, the applicant is able to obtain their contractor's bond within 24 hours of application and payment of the set fees. This is true even for those applying to get a California contractor license bond, which has some of the most rigorous requirements attached.

2. Get a Contractor Bond Even with Poor Credit

In the aftermath of the recent economic crisis, many players in the construction industry were hit hard. Indeed, many contractors around the country are still reeling from the effects of the recession. If your credit rating has been affected as a result, you may find it hard to get insurance companies and agencies which are willing to issue you with a contractor's bond. Alternatively, they may charge you an exorbitant sum for the service. By shopping for a contractor bond online, you will be able to identify a provider who offers the best rates and accommodation for contractors with bad credit rating.

3. Save Money with Affordable Fees and Financing Options

Exorbitant agency charges can hike the cost of purchasing a contractor bond to the point it is wholly unaffordable. Applying for the bond online greatly reduces these extraneous charges though. Even better, you can easily find an online agent who offers financing options so you can get your contractor bond right away and pay later. Talk to an online agent today and they will offer you options available to help reduce your out-of-pocket expenses. Online agencies also make it even more affordable by guaranteeing you a free quote if you are only shopping around.

Purchasing a contractor bond can be a stressful and costly experience. This is especially so if you are a new contractor or have moved to a new city where contractors have to conform to different regulations. However, if you opt to purchase your contractor bond online, you will be surprised at just how convenient, speedy and affordable the experience can be.

Document Actions
EU Alerts

EUbusiness Week no. 840
Blame game is to blame
→ EUbusiness Week archive

The Week Ahead no. 420
Macroeconomic imbalances - disinformation - sustainable corporate governance - consumer protection - road accident compensation - water reuse in agriculture

Subscription options