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How Much Does a Rhode Island Contractor License Bond Cost?
A Rhode Island contractor license bond costs between $100 and $5,000. Numerous bond requirements are enforced at both the state and local levels. The required bond amounts at the state level range from $10,000 to $50,000.
As an authorized Rhode Island surety company, we provide all types of contractor bonds for our valued customers. When you purchase your bond from our company, you will pay a premium rate of 1% to 10% rather than the full amount of the bond.
We proudly bond over 99% of our applicants. Bond rates vary based on factors such as the applicant’s credit score, professional background and financial strength.
An applicant with at least a 700 credit score qualifies for a 1% to 3% premium rate. With a 600 to 699 score, the applicant will receive a 3% to 5% rate. An applicant with a credit score of 599 or lower qualifies for a rate of 5% to 10%.
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Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Rhode Island Underground Utilities Contractor Bond |
$20,000 |
$200 - $600 |
$600 - $1,000 |
$1,000 - $2,000 |
|
Rhode Island Blasting Contractor Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Rhode Island Burglar Alarm Business Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
How to Get a Rhode Island Contractor License Bond
1. Determine the Surety Bond You Need
With both state and municipal bond requirements for Rhode Island contractors, the first step is to research the bond requirements that apply to you. Resource links are available below for your convenience. Our bond experts are also available to answer your questions.
2. Apply for Your Contractor Bond
After learning which bond requirements apply to you, you can take the next step and complete the online application for your new bond. The application is streamlined, and most of our customers complete this step in a couple of minutes.
3. Get a Quote
You will not wait long to get a quote for your Rhode Island contractor bond. We provide instant, no-obligation bond quotes to our customers. If an application is complicated and requires more thorough review, a quote is provided within 48 hours.
4. Buy Your Bond
Use our online payment portal to finalize your Rhode Island contractor bond purchase. To ensure that you receive your bond as soon as possible, we will email it directly to you. We can also mail the bond, if requested.
If you have questions about your bond quote before making your purchase, please let us know. 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 Rhode Island
Numerous bond requirements are enforced in Rhode Island for contractors. These requirements are established by both state and local governments.
Rhode Island requires burglar alarm companies to be both licensed and bonded. The surety bond amount is $10,000. The obligee is the Licensing Authority at the Department of Labor and Training Division of Professional Regulation.
The Contractors’ Registration and Licensing Board requires underground utility contractors to hold a $20,000 surety bond. In addition, The Rhode Island Fire Marshal requires blasting contractors to have a $50,000 surety bond. The obligee is the General Treasurer of the State of Rhode Island.
A few cities in Rhode Island have additional contractor requirements. These include:
|
Surety Bond |
Bond Amount |
Premium |
|
$5,000 - $100,000 |
From $100 |
|
|
$1 - $10,000 |
From $100 |
To continue doing business as a Rhode Island contractor, you must maintain your bond. The premium payment must be paid annually to maintain the surety bond. To assist you with bond maintenance, we will reach out to you with payment instructions each year.
How to Get Your Rhode Island Contractor License
The Rhode Island contractor license guide provides you with more detailed information about contractor licensing. Because the application requirements vary by license, it is important to consult with the governing authority for specific requirements pertaining to your trade. Requirements may include:
- Application form
- Surety bond
- Application fee
- Professional credentials and training
- Business entity documentation
- Liability insurance
For more information about contractor licensing, contact:
Rhode Island Department of Labor and Training
Division of Professional Regulation
1511 Pontiac Avenue
Cranston, RI 02920
Phone: (401) 462-8533
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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!
