South Carolina General Contractor Bond
AmeriPro Surety Bonds | 844-589-9732
General Contractors – South Carolina
General contractors in South Carolina are licensed and regulated by the state’s Department of Labor, Licensing and Regulation.
In lieu of submitting financial statements which demonstrate your net worth, you are required to file a surety bond that is two times the amount of required net worth for your category of contractor license. This bond requirement is as per Section 40-11-262 of the South Carolina statutes. The surety bond is a new option, which took effect in May of 2018.
There are 5 categories of general contracting licensing in South Carolina, and our agency provides the surety bond required for each category. We also provide surety bonds for SC mechanical contractors.
Groups and Amount of Surety Bond Required; Estimated Premium
The following surety bond amounts are required of each group. The estimated premium is also included, which will typically be 1.5% of the bond amount.
- Group 1 – $20,000; $300 premium
- Group 2 – $80,000; $1200 premium;
- Group 3 – $200,000; $3,000 premium;
- Group 4 – $350,000; $5250 premium;
- Group 5 – $500,000; $7500 premium
Qualifying for the SC General Contractor Bond
Qualifying for the South Carolina general contractor bond is by means of a surety bond application — which may be completed over the phone — and a soft credit score inquiry.
As part of the application process, you will be asked the following:
- If you have any unsatisfied lawsuits or judgments;
- If you have ever had a surety bond canceled or declined;
- If you have ever failed in business or declared bankruptcy (a current bankruptcy will essentially disqualify you from obtaining this bond);
- Whether or not you have any collection items or unsatisfied liens.
If for some reason you do not qualify at the above rates, we will likely still be able to get you bonded, however, those rates will be somewhat more. Typically, we do not offer payment plans for your surety bond.
The General Contractor Bond’s Term
The term for this bond is for one year from the date of issuance. Thereafter, you must either renew your bond as a condition of maintaining your general contractor license, or provide and the financial net worth requirements.
The Purpose of this Surety Bond
The purpose of your general contractor bond is to protect South Carolina consumers from breaches of contract or breaches in providing necessary labor materials. The bond also protects the consumer — not the general contractor — from unlawful acts, including theft, fraud, and misrepresentation.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, and court surety bonds throughout South Carolina.
Our agency also provides license and permit surety bonds nationwide.
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