Is your Bond upcoming for renewal?
As you may know, a $15,000 bond is required by the Contractors State License Board in order to maintain a valid license.
Depending on the credit score of the individual contractor, you may be able to purchase up to a 5 year Bond. Exceptional credit is needed in order to be offered a multiple year option by most companies.
For those with poor credit, you may consider adding a cosigner to reduce your expense. This has worked out well for many of our clients with low credit scores, but it can be difficult finding someone who is willing to co-sign.
If your bond is upcoming for renewal you’ve probably received dozens of “junk mail” solicitations from agencies claiming they can save you hundreds of dollars, but the simple truth is they have no idea if they can save you money!
An agency can’t offer you an ACCURATE price on your quote if they have not yet ran your credit. Many despise the fact companies now rate their premium based upon the credit score, but unfortunately it has now become an industry wide practice.
Shop Around for the Best Rates
When shopping your upcoming renewal be sure to connect with an agency who specializes in providing the construction industry with the most competitive rates.
By dealing with an agency that deals with bonds on a daily basis they are able to maintain relationships with the highest rated companies in the industry. They will also be able to shop your renewal with the most competitive carrier to find you the lowest rate.
ContractorBondQuote.com is California’s Premier Contractor Bonding Agency. We have access to the industry’s leading companies and we’re dedicated to the success of our clients.
Give us a call if would like a free review of your upcoming bond renewal at: 1-800-409-7944.
We are here to help!