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How Much Does a Mississippi Contractor License Bond Cost?
A Mississippi contractor bond can start at $100, but costs vary based on the type of work and location. Your local licensing authority may require a bond before issuing a license or permit. Contractors with contracts over $75,000 must post a bond before beginning work, unless the tax is prepaid. The bond can be either job-specific or a blanket bond for all taxable activities.
When applying for a contractor bond, you typically pay only a fraction of the total bond amount upfront. Premiums generally range from 1% to 10%. With a good credit score, you can expect to pay a lower premium, typically between 1% and 3% of the total bond amount. Even with a poor credit score, you can still obtain bonding, though at a higher premium rate. The following table illustrates various bond amounts and the corresponding premium rates based on your credit score.
|
Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
City of Batesville Contractor Bond |
$5,000 |
$100 - $150 |
$150 - $250 |
$250 - $500 |
|
City of Meridian Contractor License Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
How to Get a Mississippi Contractor License Bond
1. Determine Which Surety Bond You Need
In Mississippi, the Mississippi State Board of Contractors administers licensing requirements for construction contractors statewide. Additionally, contact your local licensing authority for more information on licensing and bond requirements.
We recently assisted Jon with starting his contractor business in Batesville. After providing him with all the necessary bonding information, he swiftly completed the online application, received a quote in minutes, paid the bond premium online, and had his surety bond delivered to his email.
2. Apply for a Bond Online
Our online application form is designed to be as easy to use as possible. Simply fill out some basic information about yourself and your business, and we can start calculating your premium.
3. Get the Best Bond Premium Quote
Usually, a bond premium quote only takes a little while to process. However, depending on the complexity of your application, you may have to wait up to 48 hours to get a quote. We always guarantee that your quote is the best one possible for your situation.
4. Pay the Premium
Once you pay the premium, we’ll email the bond to you. Many contractor bonds are valid for up to a year, but it can also depend on when you got licensed and bonded.
Apply for a free no-obligations quote on your contractor license bond!
Contractor License Bond Requirements in Mississippi
In Mississippi, contractor license bonds are regulated at the local level rather than by the state. Each municipality sets its own bond requirements based on local needs and the type of work.
For example, DeSoto County may require a $10,000 bond for building contractors, while the City of Greenwood mandates a $5,000 bond for electrical, plumbing, gas fitters, or mechanical contractors.
Here’s a rundown of the different contractor license bond requirements in Mississippi, including estimates of the starting premium price:
|
Surety Bond |
Bond Amount |
Premium |
|
City of Batesville Contractor Bond |
$5,000 |
From $100 |
|
$5,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
City of Canton Contractor Bond |
$5,000 |
From $100 |
|
$5,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
City of Columbus Contractor Bond |
$1,000 |
From $100 |
|
City of Corinth Contractor Bond |
$1,000 |
From $100 |
|
$5,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
City of Hattiesburg Contractor Bond |
$2,000 |
From $100 |
|
City of Horn Lake Contractor Bond |
$5,000 |
From $100 |
|
City of Jackson Contractor Bond |
$5,000 |
From $100 |
|
City of Kosciusko Contractor Bond |
$5,000 |
From $100 |
|
City of Madison Contractor Bond |
$5,000 |
From $100 |
|
$5,000 |
From $100 |
|
|
City of Meridian Contractor Bond |
$10,000 |
From $100 |
|
City of New Albany Contractor Bond |
$10,000 |
From $100 |
|
City of Pearl Contractor Bond |
$5,000 |
From $100 |
|
City of Richland Contractor Bond |
$5,000 |
From $100 |
|
$5,000 |
From $100 |
|
|
City of Ripley Contractor Bond |
$5,000 |
From $100 |
|
$10,000 |
From $100 |
|
|
Town of Marion Contractor Bond |
$5,000 |
From $100 |
|
City of Tupelo General Building Bond |
$10,000 |
From $100 |
|
City of Tupelo Plumbing Contractor Bond |
$10,000 |
From $100 |
|
City of West Point Contractor Bond |
$5,000 |
From $100 |
|
DeSoto County Contractor Bond (Electrical Contractor, Mechanical Contractor, Plumbing Contractor) |
$5,000 |
From $100 |
|
$10,000 |
From $100 |
|
|
$2,000 |
From $100 |
|
|
$5,000 |
From $100 |
|
|
Tate County Contractor Bond |
$5,000 |
From $100 |
|
City of Pearl Highway Permit Bond |
$10,000 |
From $100 |
|
City of Yazoo City Contractor Bond |
$5,000 |
From $100 |
|
City of Brookhaven Contractor Bond |
$5,000 |
From $100 |
|
City of Mendenhall Contractor License Bond |
$5,000 |
From $100 |
How to Get Your Mississippi Contractor License
The Mississippi State Board of Contractors manages contractor licenses, and you have to submit various materials and documents to obtain an official license. Note that individual cities or counties may have additional requirements. For detailed information on how to get your Mississippi contractor license, visit MSBOC website. Some requirements my include:
- Identifying Information
- Passing a licensing exam
- Submitting to a background check
- Construction Experience
- Consent and Release of Information and Affidavit
- Application Fee ($50 for one classification and $100 for each additional classification)
- Proof of Employment
- 3 Reference Letters
- Certificate of insurance
- Showing a net worth of at least $50,000
- Proof of worker’s compensation insurance
Documentation should be submitted to the appropriate licensing authority.
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What Our Clients Have To Say?
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!
