Before you can start working in the construction industry, you need to become a fully bonded and licensed contractor. In the state of Nevada, it’s legally required that every contractor licensed in the state has a Nevada contractor bond.
A contractor license bond is a type of surety bond that legally protects you as the contractor, the company that hired you, and the state bond issuing agency. Bond rates in Nevada start at 3% and then change based on credit, claims, and experience.
What do I need to know about my contractor’s bond?
The amount of your bond depends on the type of Nevada contractors license you’re requesting but it’s ultimately determined by the Nevada State Contractors Board. The board will take into account your experience, financial responsibilities, and your license type.
However, before you reach out to your local contractor bond services, it’s important to know a few things about your contractor’s bond.
- Your contractor bond is a legal promise. Your contractor bond is a legal bond. It assures the state of Nevada that you’ll adhere to all state regulations. In the event that you go against one of these regulations or against the law, a claim could be filed against you and the company that issued your bond. It’s important to note that anyone you work with can file a claim against you including clients, employees, and businesses. This might sound intimidating, but your bond isn’t meant to be a threat. It assures your clients and the state of Nevada that you’re there to do the best job you can.
- Your private life can jeopardize your bond. Your private behavior could be grounds for disciplinary action once you become licensed and bonded. This doesn’t mean you’re not allowed to act freely, but it does mean if you break the law that your bond and license could be revoked.
- Your bond isn’t insurance. Your contractor bond might sound like an insurance policy, but it’s not. The company that issued your bond will pay out claims, but you’ll be required to repay them for their expenditures. You’re also responsible for paying any legal obligations that come with that claim against you.
Where can I find a Nevada contractor bond service?
The construction industry is a growing industry with large gains in the commercial sector. In fact, the construction industry added 210,000 jobs in just 2017.
If you’re looking to get your Nevada contractor license and you need exam prep and Nevada contractor bond services to secure your contractor’s bond, Contractors Exam Center is the place for you. To learn more about our Nevada contractor bond services Nevada contractor license exam preparation services, contact Contractors Exam Center today.