There are four clear-cut expenses that you will incur if you chose to obtain a Washington Contractors License. Some of the expenses (like WA Contractor Bonds) will vary depending on the specific license you pursue. Here is a run-down of the expenses that you can expect to incur as you get your WA Contracting Business up and running…
Short on time? Check out our Contractor’s License FAQ page.
A Performance Bond is a surety bond guaranteeing a contractor will complete a project according to the term delineated in the contract. Performance Bonds offer a protection to taxpayers, as they ensure that public works projects are completed properly as required by federal law (The Miller Act).
The District of Columbia Board of Industrial Trades licenses all refrigeration and air conditioning mechanics. Here’s what you need to do to get licensed.
In most states, notary publics are required by law to purchase and maintain a Notary Bond (Surety Bond). A notary public is a person licensed in his/her state who can legally approve and witness signatures on documents. A notary public can also administer oaths in depositions.
Notary Bonds exist to protect the public from mistakes (think fraud and misconduct) which notaries make while performing their duties.
Think of a Notary Bond as an extra layer of protection for people who need documents notarized, or who need to take an oath.
A Notary Bond is different from Notary Errors and Omissions Insurance. Notary E&O insurance (unlike a Notary Bond) actually protects the notary public. It generally protects against mistakes which are unintentional. You can learn about the differences between a Notary Bond and Notary E&O Insurance here.
If you have ever been in court, then you know that private matters can often come under scrutiny. While under oath, you can’t avoid the topic. Because lawmakers know this, court bonds are often required to ensure protection against possible loss as a result of court proceedings. There are multiple types of court bonds, and each serves a different purpose.
Just looking for a quote? Get free Court Bond quotes here.
Suppose you discover that you need a surety bond to insure a car with a lost title, to do business in your city, or to become a notary public. What is a surety bond, and how much does a surety bond cost? Read on to find out.
Short on time? Read about the 12 influences of surety bond cost.
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If you’re a startup shopping around for insurance, the best place to begin is by going online and educating yourself on how experts in the risk industry analyze your business, says Ed Heine, managing director of the Surety Bond Department at PayneWest Insurance.
Once you’ve done your research, assess how well you are managing your company and which areas could be improved upon. Use this knowledge to develop your expectations of an agent. Finally, contact an agent that has expertise in your business.
“It can be the best free advice you receive and, when managed properly, creates a relationship that will understand your business, provide guidance as you grow and, importantly, would be there on your worst days – when things do not go well,” Ed says.
Some projects require surety bonds, while other professions such as plumbers, gasoline transporters, and mobile home dealers require surety bonds to reassure their customers that they comply with the laws and regulations of their industry. A surety bond is a contract between your business, a bond company, and the party requiring the bond. It shows your customers that your business has a solid financial history and a reputation for following through. It also acts as assurance to your customers to cover their project should your company fail.
Short on time? Read our Surety Bond FAQ.
Suresh Kumar Podishetti knows what it takes to be a successful investor in India. His blog, My Investment Ideas, offers readers information on the types of investments that they should consider making regardless of income level.
Suresh provides his wealth of knowledge in this interview.
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