North Carolina Contractor License Bonds

 

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 North Carolina 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 North Carolina contractor license bonds for their customers. Below are all of the contractor licensing bonds required by the State of North Carolina:

• General Contractor

  • Lowest Cost: 1% of the bond amount, based on the business owner’s credit and the business’s financial standing *Monthly subscription options available
  • Bond Amount: 
    • $175,000 for limited license holders
    • $500,000 for intermediate license holders
    • $1 million for unlimited license holders
  • Who Needs it: All individuals and business entities seeking to obtain a North Carolina general contractor license and who do not meet the working capital requirements

• Statement of Bonding Ability 

  • Lowest Cost:
    • $60,000 Statement: $120 per year or $12 per month
    • $150,000 Statement: $300 per year or $30 per month
  • Statement of Bonding Ability Amount:
    • $60,000 for intermediate electrical contractors
    • $150,000 for unlimited electrical contractors
  • Who Needs It: All individuals and business entities applying for either an intermediate or unlimited electrical contractor license in the State of North Carolina

• Irrigation Contractor

  • Lowest Cost: $100 per year or $10 per month
  • Bond Amount: $10,000
  • Who Needs It: All individuals and business entities seeking to obtain an irrigation contractor license in the State of North Carolina

• Landscape Contractor’s License

  • Lowest Cost: $100 per year or $10 per month
  • Bond Amount: $10,000
  • Who Needs It: All individuals and business entities seeking to obtain a landscape contractor’s license in the State of North Carolina

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? Gain access 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.

Not an agent? Then let us pair you with one!

Click the above image to find a BX Agent near you

What Other Insurance Products Can Agents Offer Contractors in North Carolina?

North Carolina does not require contractors to obtain any form of liability insurance. However, most reputable contractors will seek to purchase this 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.