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

  • Underground Utility License

    • Average Cost: $100 per year
    • Bond Amount: $20,000
    • Who Needs It: All individuals and businesses seeking to obtain an Underground Utility License in the State of Rhode Island
  • Plumbers and Mechanical Permit

    • Average Cost: $100 per year
    • Bond Amount: $3,000
    • Who Needs It: All plumbers and mechanical contractors seeking to obtain a permit in the State of Rhode Island
  • Blasting License 

    • Average Cost: Between $375 to $2,500 per year, based on the contractor’s credit score
    • Bond Amount: $50,000
    • Who Needs It: All individuals and businesses seeking to obtain a Blasting License in the State of Rhode Island

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 Rhode Island?

Rhode Island requires underground utility 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.

2021-04-22T15:01:59+00:00

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