Wheatland Contractor License Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain a Wheatland Contractor License Bond
At a Glance:
- Lowest Cost: $100 per year or $10 per month
- Bond Amount: $2,000
- Who Needs it: All contractors operating in the town of Wheatland, Wyoming
- Purpose: To ensure the public will receive compensation for any damages should the contractor violate licensing law
- Who Regulates Contractors in Wheatland: The Wheatland Building Inspector
Wheatland Municipal Code 5.20.030 requires all contractors operating in the town to obtain a business license. The Wheatland town council enacted the licensing requirement to ensure that contractors engage in ethical business practices. To provide financial security for the enforcement of the licensing law, contractors must purchase and maintain a $2,000 surety bond to be eligible for licensure.
What is the Purpose of the Wheatland Contractor License Bond?
Wheatland requires contractors to purchase a surety bond as part of the application process to obtain a business license. The bond ensures that the public will receive compensation for financial harm if the contractor fails to comply with the regulations set forth in Wheatland Municipal Code 5-20-030. Specifically, the bond protects the public in the event the contractor engages in any acts of fraud or fails to provide services that have been paid for. In short, the bond is a type of insurance that protects the public if the contractor breaks licensing law.
How Can an Insurance Agent Obtain a Wheatland Contractor License Surety Bond?
BondExchange makes obtaining a Wheatland Contractor License 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.
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Is a Credit Check Required for the Wheatland Contractor License Bond?
No, a credit check is not required for the Wheatland Contractor License bond. Because the bond is considered relatively low risk, the same low rate is offered to all contractors operating in the town, regardless of their credit history.
How Much Does the Wheatland Contractor License Bond Cost?
The Wheatland Contractor License bond costs just $100 per year or $10 per month.
Who is Required to Purchase a Bond?
Wheatland requires all contractors operating in the town to purchase a surety bond as a prerequisite to obtaining a business license. To paraphrase Wheatland Municipal Code 5-20-010, a contractor is a person that provides construction, plumbing, electrical, or handyman services as an independent business.
Exemptions from this definition include:
- Residential property owners
- Public utility companies
- Cable-TV providers
- Buildings constructed by a school or community college district as part of an industrial arts curriculum
BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How do Contractors Apply for a License in Wheatland?
Contractors in Wheatland must navigate several steps to secure a business license. Below are the general guidelines, but applicants should refer to the licensing statutes for details on the process.
License Period – All Wheatland Contractor Licenses expire on December 31 of each year and must be renewed before the expiration date
Step 1 – Purchase a Surety Bond
Contractors must purchase and maintain a $2,000 surety bond
Step 2 – Purchase Insurance
Contractors are required to obtain liability insurance coverage (limits not specified)
Step 3 – Pass the Exam
Wheatland requires contractors to pass a Wyoming Trades Certification exam, or equivalent, before applying for a business license. The following contractor classifications are exempt from the exam requirement:
- Handy-man contractors
- Excavation/grading contractors
Step 4 – Complete the Application
All Wheatland Contractor License applications should be delivered to the town clerk at the following address:
600 9th St
Wheatland, WY 82201
Contractors must complete the application in its entirety, and pay a $100 application fee.
How do Wheatland Contractors Renew Their Business Licenses?
Contractors in Wheatland can renew their licenses by submitting an application to the town clerk and paying a $50 fee. All Wheatland Contractor Licenses expire on December 31 of each year and must be renewed before the expiration date.
What are the Insurance Requirements for Contractors in Wheatland?
Wheatland requires contractors to purchase liability insurance (limits not specified). Contractors must purchase and maintain a $2,000 surety bond.
How Do Wheatland Contractors File Their Bonds?
Contractors should deliver their completed bond forms, including the power of attorney, to the town clerk at the following address:
600 9th St
Wheatland, WY 82201
The surety bond requires signatures from both the surety company that issues the bond and from the contractor. The surety company should include the following information on the bond form:
- Legal name of the entity/individual(s) buying the bond
- Surety company’s name and state of incorporation
- Entity requiring the bond
- Bond amount
- Date the bond goes into effect
- Date the bond is signed
What Can Wheatland Contractors do to Avoid Claims Against Their Bonds?
To avoid claims against their bonds, contractors in Wheatland must adhere to all license regulations in the town, including some of the most important issues below that tend to cause claims:
- Do not engage in any acts of fraud
- Do not breach any contracts made with consumers
- Provide all services that have been paid for
What Other Insurance Products Can Agents Offer Contractors in Wheatland?
Wheatland requires contractors to purchase liability insurance as a prerequisite to obtaining a business license. Bonds are our only business at BondExchange, so we do not issue any other types 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.
How Can Insurance Agents Prospect for Wheatland Contractor Customers?
Wheatland conveniently provides a list of active contractors operating in the town. The list can be found here. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.