Illinois Contractor License Bonds
February 20, 2021
Contractor license bonds protect the public from financial harm resulting from violations of licensing law committed by the contractor and their employees.
The State of Illinois requires contractors to obtain specific surety bonds correlating with their license type. We have compiled comprehensive guides on these bonds to assist insurance agents in obtaining Illinois contractor license bonds for their customers. Below are all of the contractor licensing bonds required by the State of Illinois:
- Average Cost:
- $100 per year for limited license applicants
- $250 per year for unlimited license applicants
- Bond Amount:
- $10,000 for limited license holders
- $25,000 for unlimited license holders
- Who Needs It: All individuals and business entities seeking to obtain a Roofing Contractor License in the State of Illinois
- Average Cost:
- Average Cost: $100 per year
- Bond Amount: $20,000
- Who Needs It: All individuals and business entities seeking to obtain a Plumbing Contractor License in the State of Illinois
How Can an Insurance Agent Obtain a Surety Bond for Their Customer?
BondExchange makes obtaining a surety bond easy. Simply login to your account and use our keyword search to find the “contractor” bond in our database. Don’t have a login? Enroll now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone (800) 438-1162, email or chat from 7:30 AM to 7:00 PM EST to assist you.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.
What Other Insurance Products Can Agents Offer Contractors in Illinois?
Illinois requires contractors to purchase liability insurance. Bonds are our only business at BondExchange, so we do not issue any form of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.