Please note that the following information is related to contractor’s license bonds. If you are a contractor seeking information on obtaining contract surety bid and performance bonds, please visit our contract bond page.
What is a Oklahoma contractor’s license bond?
In Oklahoma, depending on the county, town or municipality you work in as a contractor, there may be local codes and statues governing contractor’s license bond requirements. The State of Oklahoma requires contractor’s license bonds for certain contractors to be held prior to undertaking construction services. Contractor’s licenses bonds generally insure that the contractor will comply with all codes and laws covered by the bond. The State of Oklahoma, or another local agency, will be named as the obligee on the bond. A contractor’s license bond must be obtained from an insurance company licensed to write surety bonds in Oklahoma.
Obtaining Contractor’s License Bonds for My Trade.
Contractor’s license bonds may be required in Oklahoma on a state, county, town or municipal level. Since Colonial is a direct and digital insurance company, you can easily obtain a bond customized to your location’s requirements. Below are a few examples of state-wide requirements by trade.
Mechanical Contractor requires a license bond in the amount of $5,000
Electrical Contractor requires a license bond in the amount of $5000
Plumbing Contractorre requires a license bond in the amount of $5000
Nonresident Contractor requires a license bond in the amount of $5000
Colonial issues these examples of contractor’s license bonds, as well as all other types of contractor’s license bonds required by Oklahoma counties, municipalities and towns.
What is the process to obtain the bond?
Colonial offers one of the fastest ways to obtain a contractor’s license bond. We are the insurance company — which means no agent, no broker, and no middleman. There is no turnaround time to obtain your bond. The steps are simple- get a free quote online, fill out your information, answer our underwriting questions, and enter your payment method. Your bond will be available in a PDF or original form, and always accessible to you online. It’s that simple!
What Do Contractor’s License Bonds Cost?
Contractor’s license bonds are reasonably priced and easy to obtain — so that you can run your business. You may notice that with other insurance agents and middlemen companies, your premium rate will fluctuate and include additional hidden fees and costs. Not at Colonial. We offer a flat rate for each contractor’s license bond.
Does it matter where I get my bond?
It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to run your business when you deal direct with a quality insurance company licensed in Oklahoma to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best, that has been incorporated since 1930. We are Treasury listed, and licensed and admitted in all U.S. states and territories.