In the state of California all licensed contractors must file contractors bonds, which are essentially contracts where the surety firm assures the State of California that the contractor listed on the architects license bond will not do any crime of contractor license law. Read on to learn how to find the best deal for a bond in just three simple steps.
1. Find a California Contractors Bond Website
First things first, you need to find an insurance agency that issues contractors license bonds for the state of California. You want to find one that offers competitive pricing while still being reliable and experienced? Why? Because claims on a surety bond can be filed by any persons injured by a voluntary and intentional crime of a building contract. You want a surety company on your side that will dispute the claim. Otherwise, if they simply pay the claim, you are stuck paying the surety company back. You want a surety company that is experienced disputing claims and won’t stick you with the bill.
You also want to find a contractor license bond California company that not only has experience but also keeps up to date with the latest changes in the industry. Their agents should frequently be attending workshops and professional training seminars to guarantee their clients receive the best policy available. They should also carry the highest rated bond companies available such as, American Contractors Indemnity Company.
Once you have found a good insurance agency, you should be able to have the bond quoted and issued online without any additional paperwork. Alternatively, if you don’t want to apply online, make sure the company is staffed to handle the phone, fax, email or in person requests.
2. Answer a Few Simple Questions
To get your bond quote and determine whether you need a license bond or a “bond of qualifying individual” the surety company will ask you a few questions. Simple questions, such as your name, address, phone number, and the type of business you own can usually be answered in less than five minutes. This information can often be supplied by the insurance agency if you provide them with your license or application number.
3. Choose Your Payment Method
Simply pick whether you want to pay with a credit card or check – some surety companies even offer payment plans. That’s it. Just three easy steps and you’re immediately compliant with contractor’s license requirements.
You can’t operate as a licensed contractor in without a contractor’s bond, so there’s no time to lose. Don’t risk everything you’ve worked for! Follow these three fast and easy steps and get the best deal for a contractor’s bond.