South Carolina 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 South 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 South Carolina contractor license bonds for their customers. Below are all of the contractor licensing bonds required by the State of South Carolina:
- Average Cost: 1% to 3% of the bond amount per year, based on the contractor’s credit
- Bond Amount: Between $7,000 to $400,000 dependent on the contractor’s license group
- Who Needs It: All individuals and businesses that act as general or mechanical contractors in the State of South Carolina and do not meet the net worth requirements of their desired license group
- Average Cost: $100 to $200 per year, based on the contractor’s credit score
- Bond Amount: $10,000
- Who Needs It: All licensed residential specialty contractors operating in South Carolina
- Average Cost: $100 per year
- Bond Amount: $5,000
- Who Needs It: All registered residential specialty contractors operating in South Carolina
- Average Cost: $150 to $300 per year, based on the builder’s credit score
- Bond Amount: $15,000
- Who Needs It: All residential builders operating in South 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? 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 South Carolina?
South Carolina does not require contractors to purchase any form of liability insurance. However, most reputable contractors will seek to obtain 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.