Get a free quote online with a soft credit pull.
As the nation's largest volume bond producer, we negotiate the best rates.
Your bond will be accepted, or we’ll refund your payment in full.
How Much Does a Contractor License Bond Cost in Rhode Island?
A Rhode Island Contractor License Bond costs between $100 and $5,000. The cost of your bond depends on the full bond amount required (penal sum) and your credit score.
- Penal Sum: The full bond amount for most Contractor License Bonds in Rhode Island is set between $10,000 and $50,000. However, you only pay 1% - 10% of this amount.
- Credit Score: Your credit score is the main factor that determines the percentage of your bond that you must pay. What you pay to get bonded is known as your bond rate or bond premium.
|
Surety Bond Cost Based on Credit Score |
|||||
|
Surety Bond |
Surety Bond Amount |
Over 700 |
Between 600 – 699 |
Below 599 |
|
|
Rhode Island Burglar Alarm Business Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1,000 |
|
|
Rhode Island Underground Utilities Contractor Bond |
$20,000 |
$200 - $600 |
$600 - $1,000 |
$1,000 - $2,000 |
|
|
City of Providence Sidewalk Contractor Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
In some cases, industry experience, past bonding history, and business financials may also be factored into your bond rate.
How to Obtain a Contractor License Bond in Rhode Island
1. Know Your Bond Requirements
The Contractors’ Registration and Licensing Board requires underground utility contractors to hold a $20,000 bond. Additionally, cities can set their own bonding requirements, typically ranging from $10,000 - $50,000.
To find the bond amount you need, check the website of the city or organization you are getting licensed with. This information can also commonly be found on contractor licensing applications.
2. Apply for Your Contractor License Bond
Use our online bond application to get an instant bond quote. Information that you will need on hand includes:
- Bond Amount Needed
- Obligee Name (Ex. General Treasurer of the State of Rhode Island)
- Contact information
- Contractor License Number (if available)
Important: Getting your bond with a surety company licensed to issue bonds in Rhode Island is essential.
Our new client, Jeff, recently told us he wasted almost an hour applying online with another surety before coming to us. They stated that they couldn’t issue Rhode Island Surety Bonds only after he filled out their application.
JW Surety Bonds is licensed to issue bonds in all states.
3. Receive Your Bond Quote
A bond quote will appear in your inbox a few minutes after you submit your application. For larger bond amounts, this can take a bit longer. Please check your Spam Folder.
4. Get Your Bond
To purchase your bond, log in to our website, fill out the forms, and pay your invoice.
An electronic copy of your bond will be emailed, while the original will be sent via mail. Please note that some obligees require the original bond for licensing applications.
Who Needs a Rhode Island Contractor License Bond?
Underground utility contractors, burglar alarm companies, and blasting contractors must hold a Rhode Island Contractor License Bond. Additionally, contractors may need a bond to work in some regions of Rhode Island.
|
Surety Bond |
Bond Amount |
Premium |
|
$50,000 |
From $500 |
|
|
$10,000 |
From $100 |
|
|
$20,000 |
From $200 |
|
|
$5,000 - $100,000 |
From $100 |
|
|
$100 - $10,000 |
From $100 |
Rhode Island Contractor Bonds are valid for a one- or two-year term. You will then have to pay a bond premium again to renew your bond.
Getting a Rhode Island Contractor License
To get a Rhode Island Contractor License, you will need the following documents and assets.
- Proof of completion of an approved pre-registration course. Or transcripts that show you graduated from an accredited, technical, or vocational high school or college within the last twenty-four (24) months.
- Secretary of State business registration (Corporations and Limited Liability Companies).
- Contractor’s Insurance. Liability Insurance and Worker’s Compensation Insurance.
- $10,000 Contractor License Bond (underground utility contractors only).
- Payment of $150 for the licensing registration fee.
To get licensed as an electrician, plumber, or HVAC contractor, visit the Rhode Island Department of Labor & Training (DLT).