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How Much Does a South Dakota Contractor License Bond Cost?
The cost of a contractor license bond in South Dakota ranges between $100 and $2,000. Several types of contractor bonds are required by state and municipal authorities, and bond amounts range from $10,000 to $20,000.
As an authorized South Dakota surety company, we provide bonds to meet your needs. By purchasing your contractor license bond from us, you can pay a premium rate of 1% to 10% of the required amount rather than the full sum of the bond.
The factors that impact your premium rate are your financial assets, credit scores and professional resume. Over 99% of our applicants qualify for the surety bond they need.
A 1% to 3% bond premium rate is offered to applicants with a 700 or better credit score. A 3% to 5% rate is available to applicants with a 600 to 699 score. A 5% to 10% rate applies to those with a 599 or lower credit score.
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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 |
|
South Dakota Department of Revenue Contractor’s Excise Tax License Bond |
varies |
- |
- |
- |
|
South Dakota Electrical Commission Electrical Contractors Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1000 |
|
Sioux Falls Contractor Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1000 |
|
Sioux Falls Building Contractor Bond |
$20,000 |
$200 - $600 |
$600 - $1000 |
$1000 - $2000 |
How to Get a South Dakota Contractor License Bond
1. Determine the Surety Bond You Need
In South Dakota, surety bond requirements are in place for contractors at state and local levels. The bond requirements vary based on the type of work that the contractor does. Before applying for your new contractor surety bond, use the resources below to determine which type of bond you need.
2. Apply for Your Contractor Bond
It only takes a couple of minutes to apply for your South Dakota contractor bond. Once you know the bond type and amount needed, complete the online application. With over a decade of experience serving our customers’ bond needs, we have a streamlined process and are happy to assist you.
3. Get a Quote
Immediately after submitting your contractor license bond application, you can review your instant, no-obligation quote. If your situation is more complex and your application requires additional review, you will receive your free bond quote in 48 hours or less.
4. Buy Your Bond
The final step required to set up your new surety bond is to make the premium payment. After paying for the bond through our online portal, you will quickly receive your bond via email. A mailed copy of the bond is also available if requested.
Our supportive bond experts provide friendly customer service and are available to answer your questions. If you need assistance with your bond purchase, please 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 South Dakota
Both the South Dakota Department of Revenue and the Electrical Commission have bond requirements. The DOR requires a contractor’s excise tax license bond per SL 10-46B-11. The bond amount varies based on the expected excise tax liability. The obligee is the South Dakota Department of Revenue.
The Electrical Commission requires a $10,000 bond for electrical contractors or Class B electricians. The obligee is the South Dakota Electrical Commission.
In addition to these requirements, Sioux Falls has bond requirements for contractors doing business in a variety of trades. For example, a $20,000 bond is required for building contractors. A $10,000 bond is needed for the following Sioux Falls contractors:
|
Surety Bond |
Bond Amount |
Premium |
|
$1,000-$50,000 |
From $100 |
|
|
Electrical Commission Electrical Contractors or Class B Electricians Bond |
$10,000 |
From $100 |
|
Sioux Falls Contractor Bond - Residential Building Contractors |
$20,000 |
From $200 |
|
Sioux Falls Contractor Bond - Electrical Contractor, Class B Electrician |
$10,000 |
From $100 |
|
Sioux Falls Contractor Bond - Electrical Apprentice, Electrical Journeyman |
$10,000 |
From $100 |
|
$10,000 |
From $100 |
|
|
Sioux Falls Contractor Bond - Mechanical Contractor, Fireplace Contractor, Refrigeration Contractor |
$10,000 |
From $100 |
|
$10,000 |
From $100 |
|
|
Sioux Falls Contractor Bond - Plumber Apprentice, Plumber Journeyman |
$10,000 |
From $100 |
|
Sioux Falls Contractor Bond - Manufactured and Mobile Home, Plumbing Installation Contractor |
$10,000 |
From $100 |
|
$10,000 |
From $100 |
|
|
Sioux Falls Contractor Bond - Sign and Outdoor Advertising Contractor |
$10,000 |
From $100 |
Adam needed an electrician contractor bond before he could start serving customers in South Dakota. With our efficient process, Adam applied for the bond in minutes and instantly got a quote. He paid the premium online and quickly got the bond needed to finish getting licensed in the state.
How to Get Your South Dakota Contractor License
If you need more details about how to get a contractor license, we can help. The specific documentation needed for licensing varies. Some of the requirements may include:
- Application
- Application fee
- Surety bond
- Trade license
For more information about the bond requirements, contact the governing authority. For information about the contractor’s excise tax bond, contact:
South Dakota Department of Revenue
445 E. Capitol Avenue
Pierre, SD 57501
Phone: (800) 829-9188
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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!
