Minnesota Electrical Contractor Bond |
AmeriPro Surety Bonds | 844-589-9732
Electrical Contractors License – Minnesota
Electrical contractors in Minnesota are regulated by the state’s Department of Labor and Industry.
Businesses which are newly licensed must provide evidence of filing the appropriate surety bond. Once purchased, it is the original signed bond, along with the Power of Attorney, which you will submit to the Department along with other required documents.
Our agency makes very easy obtaining the required surety bond and we will of course provide you with the Power of Attorney as well.
Amount Required – Qualifying – The Premium
The Minnesota electrical contractor bond is a $25,000 surety bond which is required of licensees.
Qualifying for this surety bond is very easy!
After completion of an application (which we can take from you over the phone), and payment of the annual premium of $750, the electrical contractor bond is issued immediately. Upon issuance, a copy of the bond can be emailed to you, and the original bond – the one you will file with the Department– will be sent by the same or the following business day.
Please note the following: There is no credit inquiry, nor underwriting involved with purchasing this bond; it is an “instant issue”.
Additional Premium Payment Options
The Minnesota electrical contractor bond is issued with a standard term of one year. Thereafter the bond renews annually.
At your discretion, the bond may be prepaid for 2 or 3 years, offering you a savings over year to year renewal.
Prepayment premium options are as follows:
- Prepaid for 2 years, the surety bond amount is $1350 (a $150 savings);
- Prepaid for 3 years, the surety bond amount is $1950 (a $300 savings).
All purchases are final; premiums are not refunded.
The Purpose of the Surety Bond
An electrical contractor surety bond is a financial guarantee for the Department of Labor and Industry, and Minnesota consumers that you will be in compliance with all laws and amendments governing electrical contracting.
Therefore, while the bond is required of you as a condition of licensing, it protects any potential customers.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Minnesota.
Our agency also provides surety bonds nationwide.
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