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How Much Does a Minnesota Contractor License Bond Cost?
A Minnesota contractor license bond costs between $100 and $2,500. Ten different types of contractors are required to be bonded. The required bond amount varies by contractor type and ranges from $1,000 to $25,000.
You do not have to pay the full amount of the bond. Instead, you can purchase your bond from a Minnesota surety company. The premium rate for a bond is 1% to 10%. Factors like your business experience, financial strength and credit score determine your rate.
A premium rate of 1% to 3% is available for those with a 700 credit score or better. A 3% to 5% rate is offered to those with a 600 to 699 score. With a 599 credit score or below, the rate is 5% to 10%.
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Surety Bond Cost Based on Credit Score |
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|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Minnesota High-Pressure Pipefitting Contractor Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
|
Minnesota Electrical Contractor License Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Minnesota Installer B Contractor Bond |
$1,000 |
$100 |
$100 |
$100 |
|
Minnesota Residential Roofer Bond |
$15,000 |
$150 - $450 |
$450 - $750 |
$750 - $1,500 |
|
Minnesota Mechanical Contractor Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Minnesota Plumbing/SSTS Contractor Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Minnesota Satellite System Contractor Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Minnesota Technology Contractor Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Minnesota Water Conditioning Contractor Bond |
$3,000 |
$100 |
$100 - $150 |
$150 - $300 |
|
Minnesota Sign Contractor Bond |
$8,000 |
$100 - $240 |
$240 - $400 |
$400 - $800 |
How to Get a Minnesota Contractor License Bond
1. Determine the Surety Bond You Need
The Minnesota Department of Labor and Industry is responsible for contractor licensing and bond requirements. Additionally, contact your local licensing authority for more information on licensing and bond requirements.
2. Apply for Your Bond
To purchase your surety bond, the first step is to fill out the online application. It only takes a few minutes to complete the form and learn about your new bond’s pricing. We provide bonds to more than 99% of applicants.
Dwayne needed a residential roofer bond, but he was unsure if he qualified with his 586 credit score. He quickly filled out the online application and got a competitive quote from us. After making the premium payment, he got his bond and now has a successful roofing business in St. Paul.
3. Get Your Bond Quote
Most applicants receive an instant, no-obligation bond after submitting the online application. If your situation is more complicated, we’ll provide a quote within 48 hours. With 10 years of experience, we make it easy to set up your new bond.
4. Pay the Bond Premium
After reviewing your bond quote, the last step is to make the premium payment online. Once we receive your payment, we will email the bond to you. Upon request, we can mail the bond to your address.
If you need assistance, our friendly bond experts are ready to help. Contact us or call us at (877) 514-5146.
Apply for a free no-obligations quote on your contractor license bond!
Contractor License Bond Requirements in Minnesota
In Idaho, contractors must obtain specific bonds based on their trade, such as a $15,000 High-Pressure Pipefitting Bond, $25,000 Electrical Contractor Bond, and $15,000 Residential Roofer Bond. Other required bonds include $25,000 for Mechanical, Elevator, Plumbing, Satellite System, and Technology Contractors, $1,000 for Installer B, $3,000 for Water Conditioning, and $8,000 for Sign Contractors. In Minnesota, the Department of Labor and Industry enforces licensing and bond requirements for contractors.
Most of the required bonds are continuous, so they run until they are canceled. The installer B and sign contractor bond must be renewed biannually.
The surety company can cancel a bond by providing a 30-day written notice by certified mail to the obligee and principal. The principal must pay the bond premium annually. We will notify you when the next premium payment is due. You must have an active bond to do business in Minnesota.
The required bond form should be signed by all parties and notarized. Some cities in Minnesota have additional licensing requirements and may also have additional bond requirements. These are the some of the bond forms required in Minnesota:
|
Surety Bond |
Bond Amount |
Premium |
|
$15,000 |
From $150 |
|
|
$25,000 |
From $250 |
|
|
$1,000 |
From 100 |
|
|
$15,000 |
From $150 |
|
|
$25,000 |
From $250 |
|
|
$25,000 |
From $250 |
|
|
$25,000 |
From $250 |
|
|
$25,000 |
From $250 |
|
|
$25,000 |
From $250 |
|
|
$3,000 |
From $100 |
|
|
$8,000 |
From $100 |
|
|
City of Alexandria Contractor License Bond |
$500 |
From $100 |
|
$5,000 |
From $100 |
|
|
City of Champlin Contractor Bond |
$5,000 |
From $100 |
|
$2,000 - $25,000 |
From $100 |
|
|
$3,000 |
From $100 |
|
|
$1,000 - $25,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
$10,000 |
From $100 |
|
|
City of Minneapolis Sidewalk Contractor Bond |
$15,000 |
From $150 |
|
City of Moorhead Contractor Bond |
$1,000 - $100,000 |
From $100 |
|
City of Rochester Sewer and Drain Contractor |
$10,000 |
From $100 |
|
City of Rochester Sidewalk and Driveway Contractor Bond |
$10,000 |
From $100 |
|
City of Rochester Sign Contractor Bond |
$1,000 |
From $100 |
|
$25,000 |
From $250 |
|
|
City of St. Paul Building Contractor Bond |
$2,500 |
From $100 |
|
$5,000 |
From $100 |
|
|
$5,000 |
From $100 |
How to Get Your Minnesota Contractor License
The specific requirements for obtaining a contractor license vary by trade. You can learn more about contractor licensing through the Minnesota contractor license guide. While you should refer to the Department of Labor and Industry for specific information about your trade, some requirements may include:
- Application form
- Application fee
- Bond form
- Professional experience
Licensing application and bond documents can be submitted to:
Minnesota Department of Labor and Industry
443 Lafayette Road N.
Saint Paul, MN 55155
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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!
