Arkansas Contractor License Bonds

February 18, 2021

 

Contractor license bonds protect the public from financial harm resulting from violations of licensing law committed by the contractor and their employees.

The State of Arkansas requires contractors to obtain specific surety bonds correlating with their license type. We have compiled comprehensive guides on these bonds to assist insurance agents in obtaining Arkansas contractor license bonds for their customers. Below are all of the contractor licensing bonds required by the State of Arkansas:

  • Arkansas Commercial Contractor 

    • Average Cost: $100 per year
    • Bond Amount: $10,000
    • Who Needs It: All individuals and businesses that act as commercial contractors on projects costing $50,000 or more in the State of Arkansas
    • Purpose: To ensure the public will receive compensation for any damages should the contractor fail to comply with contractor licensing law
    • Who Regulates Commercial Contractors in Arkansas: The Arkansas Contractor’s Licensing Board (CLB)
  • Arkansas Underground Storage Tanks Contractor

    • Average Cost: $100 per year
    • Bond Amount: $25,000
    • Who Needs It: All individuals and businesses that act as an underground storage tanks contractor in the State of Arkansas
    • Purpose: To ensure the public will receive compensation for any damages should the contractor fail to comply with contractor licensing law
    • Who Regulates Underground Storage Tank Contractors in Arkansas: The Arkansas Department of Environmental Quality (DEQ)

How Can an Insurance Agent Obtain a Surety Bond for Their Customer?

BondExchange makes obtaining a surety bond easy. Simply login to your account and use our keyword search to find the “contractor” bond in our database. Don’t have a login? Enroll now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.

At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.

What Other Insurance Products Can Agents Offer Contractors in Arkansas?

Arkansas does not require contractors to obtain any form of liability insurance. However, most reputable contractors will consider obtaining liability insurance anyway. Bonds are our only business at BondExchange, so we do not issue any form of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.

2021-12-28T15:22:17-05:00