All licensed contractors in Nevada are required to secure a contractor license bond, which is enforced by the Nevada State Contractors Board (NSCB). The NSCB determines the limit of the bond upon approval of the license application.
APPLY NOWThe bond limit varies from $1,000 to $500,000, and is dependent on factors such as the applicant’s financial responsibility, experience, type of license, and character.
Contractor surety bond pricing is based on the bond limit, years in business, and personal credit of the contractor. The price typically ranges from 1-10% of the bond limit. Refer to the price chart below for an example:
| *Pricing ($15,000 Bond) | |
|---|---|
| Credit Tier | Monthly | Annual |
| Preferred | $25 | $300 |
| Standard | $56 | $600 |
| Credit Repair | $98 | $1050 |
The Nevada State Legislature made the bond mandatory as a means of consumer protection. All contractors must be bonded to financially protect the public from contractor misconduct. If the contractor does not complete a project according to the contract, or does not pay their vendors, a claim can be filed on the bond by the damaged party for financial restitution.
Contractors working on pools and spas are required to file a consumer protection bond in addition to a contractor license bond. The limit for the consumer protection bond ranges from $10,000 to $400,000 in an amount determined by the NSCB. Pricing on these bonds also ranges from 1-10% of the bond limit.
Performance and payment bonds may be needed in certain circumstances for pool and spa contractors, as well. A performance bond is used to protect the owner of the property. A payment bond is in place to cover those who contribute labor and materials throughout the duration of the contract. Both performance and payment bonds must not be less than 50 percent of the total amount of the project.
The application process is quick and painless. Click apply now below next to the bond needed. Once the application is received, the information is evaluated and a quote will be sent within one business day.
$1-500k Bond for Licensed Contractors
$10-400k Bond for Pool/Spa Contractors
General liability policies are not required for contractors but are often requested by clients. The purpose of general liability insurance is to provide coverage in cases of third-party damage and injury.
Workers’ compensation is mandatory if any full-time employees work for the business in order to provide coverage for those employees in the event they are injured on the job.
Public works projects may require the contractor to obtain a city or county bond in order to guarantee the performance according to the contract.