Sharon, PA – Contractor Bond
Who needs a contractor bond in Sharon, Pennsylvania?
All Sharon contractors whose work falls under the General Contractor classification must be licensed with the city and post a surety bond. The bond amount is determined by the class of contractor, as follows:
- Class 1: $5,000 bond
- Class 2: $3,000 bond
- Class 3: $5,000 bond
In addition to bonding, these contractors must also provide:
- A completed license application, renewed annually
- The annual license fee of $150
- A certificate of insurance for at least $50,000
- Worker’s compensation coverage
Complete contractor requirements are listed in Chapter 1422 of the Sharon municipal code.
If you’re unsure if this bond applies to you, call us at (888) 435-4191 and one of our agents will be more than happy to help! You can also check out our page on Pennsylvania contractor license bonds for state-specific information.
Get Your Sharon Contractor Bond:
How do contractor bonds work?
A contractor license bond ensures that clients receive quality work from their hired contractors. By signing the bond, contractors agree to work by the standards and regulations of the obligee (City of Sharon).
Clients can file claims for damages that contractors cause by failing to follow their bond agreements. The surety will initially pay out an approved claim, but a contractor is responsible for repaying the surety in full – plus interest and fees.
You will pay a premium, a percentage of the penal sum, to acquire your bond. ZipBonds often issues contractor license bonds instantly, with premiums starting at just $100!
Frequently Asked Questions
How long will my bond cover my work?
Your initial bond will typically last for the calendar year you post it. You must then renew your bond for each consecutive year – for the duration of your project. Keep your bond updated to avoid fines and compliance issues in your location.
What if a claim exceeds my bond amount?
The bond amount is the maximum dollar amount a client can obtain directly from a contractor. If damages exceed that amount, clients may seek other methods of compensation. As a contractor, you should avoid claims at all costs by working professionally and efficiently. Claims can damage your reputation and make it harder to get bonded again.
Apply for Your Contractor Bond in Sharon, PA
ZipBonds offers the fastest and most secure option for getting bonded. Our all-digital platform is intuitive and straightforward. Apply online, email support@zipbonds.com or call 888.435.4191 to speak with an agent directly.
About ZipBonds.com
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.