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How Much Does a Maryland Contractor License Bond Cost?
A Maryland contractor license bond costs between $300 and $3,000. This is based on the $30,000 bond requirement for home improvement contractors. Additional bond requirements are established for contractors by municipalities and other authorities.
Regardless of the type of Maryland contractor bond you need, you can conveniently purchase your bond from our authorized surety company. With more than 10 years of experience serving Maryland’s bond needs, we have a straightforward process and provide helpful customer service.
Rather than paying the full bond amount, your bond premium rate will be between 1% and 10%. The rate that you qualify for is based on factors like your professional experience, credit scores and financial strength.
For credit scores of 700 or better, the bond rate is between 1% and 3%. With a 600 to 699 credit rating, the rate ranges from 3% to 5%. With a lower score, the rate falls between 5% and 10%.
|
Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Maryland Home Improvement Contractor License Bond |
$30,000 |
$300 - $900 |
$900 - $1,500 |
$1,500 - $3,000 |
|
Frederick County Electrical Contractor Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
|
Hagerstown Building Contractors and Carpenters Bond |
$20,000 |
$200 - $600 |
$600 - $1,000 |
$1,000 - $2,000 |
|
Talbot County Plumber Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
|
Dorchester County Sanitary Construction Bond |
$2,000 |
$100 |
$100 |
$100 - $200 |
How to Get a Maryland Contractor License Bond
1. Determine the Surety Bond You Need
Surety bonds are required for many trades in Maryland at the state and local levels. To ensure that you purchase the right bond for your needs, spend time researching the regulations. Resources are available below to aid in your research. Our bond experts are also available to assist you.
Stuart applied for a contractor bond with us recently. He had a 615 credit score and was unsure if he would qualify. However, we gave him an instant quote and provided online payment instructions. Stuart finalized his bond purchase easily and finished his contractor license application right away.
2. Apply for Your Contractor Bond
Completing the online application for your contractor surety bond is a quick and easy process. We have a solid track record bonding more than 99% of our applicants, and we can help you get the bond you need to do business in Maryland.
3. Get a Quote
Most of our valued customers receive an instant bond quote after submitting the online application. In some instances, an application is complex and requires greater review. We provide quotes in less than 48 hours in these situations.
4. Buy Your Bond
After reviewing your quote for a contractor license bond, finalize your purchase by making your payment online. We process and email bonds quickly, and we are happy to mail your bond, if requested.
We take pride in supporting our customers with their bond needs. If you need clarification about your quote, bond requirements or anything else, we are available to help. Please contact us or call us at (877) 514-5146.
Contractor License Bond Requirements in Maryland
Many of the contractor license bond requirements in Maryland are established and enforced by municipalities. However, there are a few state-level bond requirements for some types of contractors.
The Maryland Department of Labor Home Improvement Commission is the authority on home improvement contractor licensing. Applicants who fail the solvency requirement for licensing must obtain a $30,000 surety bond.
Another state-level bond is the Highway Administration street access permit bond. The bond amount required must be in an amount of at least 150% of estimated entrance construction and all signal costs in the next higher thousand dollar increment.
These are resources to local authorities that have contractor bond requirements:
|
Surety Bond |
Bond Amount |
Premium |
|
$1,000 |
From $100 |
|
|
$10,000 |
From $100 |
|
|
$100 - $250,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
$20,000 |
From $100 |
|
|
$1,000 - $150,000 |
From $100 |
|
|
Prince George's County Site, Road Permit Labor & Material Bond |
$100 - $10,000 |
From $100 |
|
$10,000 |
From $100 |
|
|
Washington Suburban Sanitary Commission Performance and Payment Bond |
$1,000 - $150,000 |
From $100 |
|
$1,000 - $100,000 |
From $100 |
|
|
Anne Arundle County Performance, Completion & Labor, Materials Bond |
$1,000 - $100,000 |
From $100 |
|
$2,000 |
From $100 |
|
|
$1,000 - $100,000 |
From $100 |
|
|
City of Frederick Forest Conservation Bond |
$1,000 - $100,000 |
From $100 |
|
Howard County Developer Agreement Labor and Material Payment Bond |
$1,000 - $100,000 |
From $100 |
|
Calvert County Sewage Disposal Installer Bond |
$10,000 |
From $100 |
The bond obligee and the term length vary. The premium must be paid annually to maintain the bond. As your bond’s premium due date approaches, we will connect with you and provide payment instructions.
How to Get Your Maryland Contractor License
Our Maryland contractor license guide provides more information to help you set up your new license. License requirements vary by trade and location. The home improvement contractor license requirements are:
- Application
- Professional or educational experience
- A surety bond or proof of financial solvency
- Proof of liability insurance
- Application fee
- A certificate of trade name
- Business entity documentation for an LLC, corporation or assumed business name
- Workers' compensation insurance, if applicable
You can learn more about home improvement contractor license requirements:
Maryland Department of Labor Home Improvement Commission
1100 North Eutaw
Baltimore, MD 21201
Phone: (410) 230-6231
For information about specific requirements for other types of surety bonds, contact the appropriate licensing authority.
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Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
