On-Line Electrical Bond Quote Form
Quick Overview – Electrical Bond Minnesota:
- Cost of the Bond: $219 for two years
- Bond Amount: $25,000
- Those Who Need It: Those individuals, businesses & electrical companies that are looking to obtain an Electrical Contractor License in Minnesota State
- The Purpose Behind It: It seeks to ensure that consumers are paid compensation for damages caused when a contractor fails to comply with contractor licensing laws
- The Body Regulating Electrical Contractors in Minnesota: The Minnesota Department of Labor and Industry (MDLI)
As per Minnesota Administrative Rule 326B.33, it’s mandatory that all electrical contractors acquire a license with the MDLI. To ensure that contractors always follow ethical business practices, the Minnesota legislature’s laws and regulations govern the licensing process. Firstly, all electrical contractors in Minnesota need to achieve eligibility for acquiring the license. To achieve eligibility, a $25,000 Electrical Contractor Surety Bond needs to be purchased and maintained by the contractors. It offers financial security which helps enforce the licensing law.
Call us for your Minnesota electrical surety bond right away on 952-469-0425. You may also apply online on our website.
What is the purpose of an Electrical Contractor Bond?
As a part of the Electrical Contractor License application process, all contractors are required to purchase the Electrical Contractor Bond as per Minnesota laws. If the contractor has failed to comply with licensing regulations, the bond ensures compensation for the financial loss suffered. To put things in a nutshell, the bond is intended to protect the public by acting as insurance in instances where the contractor breaks licensing laws.
How much an Electrical Contractor Surety Bond Cost in Minnesota?
The cost of the $25,000 Minnesota Electrical Surety Bond is only $219 for two years.
What are the requirements for insurance for the Minnesota Electrical Contractor License?
The State of Minnesota also stipulates that all electrical contractors must operate with liability insurance having the following minimum limits:
- $100,000 per person
- $300,000 per occurrence
- $50,000 for property damage
Obtaining workers’ compensation insurance is a must for contractors who have employees working for them.
An Electrical Contractor Bond of $25,000 needs to be purchased and maintained by all electrical contractors.
Take the next step now and reach out to us at 952-469-0425! We also offer free quotations on general liability and workers’ compensation insurance.
Let Suretybondsmn.com help you with the electrical contractor bond requirements. We make it easy for electrical contractors and satellite contractors to find the right surety bond, the first time. Don’t guess, let us guide you through this process.
Call us at 952-469-0425, drop an email to info@insuringminnesota.com or complete our short contact form for a Minnesota contractor bond. We love helping individuals and businesses. Do yourself a favor and give us a try today.
Complete our short Minnesota electrical surety bond information form and we will be in touch soon.
