Contractors Top Hack Surety Bond License Approval Guaranteed
Cost Considerations and Potential Savings
The cost of a surety bond can vary significantly based on the bond amount, the contractor's financial standing, and the project's risk level. On average, contractors can expect to pay between 1% and 3% of the bond amount as a premium1. However, contractors with excellent credit and a proven track record may secure lower rates. It's advisable to search options for surety companies offering discounts or incentives for repeat clients or bulk bond purchases.