Oregon Contractor License Bonds
February 22, 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 Oregon 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 Oregon contractor license bonds for their customers. Below are all of the contractor licensing bonds required by the State of Oregon:
- Average Cost: $100 per year
- Bond Amount:
- $5,000 for pumper only businesses
- $15,000 for installer only or combined installer/pumper businesses
- Who Needs It: All businesses seeking to obtain a sewage disposal service license in the State of Oregon
- Average Cost: Between $450 to $600 per year, based on the contractor’s credit
- Bond Amount: $30,000
- Who Needs It: All contractors working on qualifying public works projects with a total project cost of $100,000 or more
- Average Cost: Between $100 to $200 per year, based on the contractor’s credit score
- Bond Amount: Between $10,000 to $75,000 dependent on the contractor’s license endorsement
- Who Needs It: All individuals and businesses seeking to obtain either a residential or commercial contractor license in the State of Oregon
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 Oregon?
Oregon requires contractors to purchase liability insurance. 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.