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How much does a contractor bond cost in Mississippi?
Various cities and contractor classifications in Mississippi require contractors to post surety bonds prior to completing work. Applicants should verify their required bond amount with the city and/or government entity in charge of licensing and registration for their classification prior to bonding.
Many Mississippi contractor bonds can be issued instantly without a credit check, while others are subject to underwriting consideration. The best way to find out exactly how much you’ll pay for your Mississippi surety bond is to submit a bond request now!
Purchasing your Mississippi contractor bond is easy when you work with the experts at SuretyBonds.com! Call 1 (800) 308-4358 or click here to get started.
The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed, or bound by the provision of rate quotes. Bondability, final bond premium rate quotes, and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.
Why do I need a Mississippi contractor license bond?
Contractor bonds in Mississippi are put in place to ensure that principals (contractors) complete construction work in accordance with the laws of the city, county, or state. This includes adhering to all building codes, paying all taxes due, and more. Typically, these bonds protect the locality or individual who is harmed as a result of the principal’s noncompliance from financial loss up to the full amount of the bond. The principal must reimburse the surety for all damages paid out.
Mississippi contractor licensing requirements
All contractors and subcontractors performing work in Mississippi on commercial jobs over $50,000; new residential construction over $50,000; residential remodeling over $10,000; or residential roofing over $10,000 require a license issued by MSBOC.
To apply for either a commercial or residential license in the state, you will have to provide the following documentation:
- a completed and notarized application form
- proof that your business is registered with the Mississippi Secretary of State (for LLCs and corporations)
- sales tax number from the Mississippi Department of Revenue
- proof of workers' compensation coverage (if you have five or more employees)
- three letters of reference, including one from the bank
- a description of your work experience and skills
- a reviewed or audited financial statement from a certified public accountant
- application fee ($400 for commercial, $50 for residential)
Mississippi contractor bonds have unique terms by city and county, so applicants should be sure they understand the fine print of their surety bond contracts during the bonding and licensing processes.