There are three clear-cut expenses that you will incur if you chose to obtain a Washington Contractors License. Some of the expenses (like WA Contractor Bonds) will vary depending on the specific license you pursue. Here is a run-down of the expenses that you can expect to incur as you get your WA Contracting Business up and running…
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Cost of a Washington Contractors License
Cost #1: The Cost to Incorporate in Washington
If you create a Washington general contractor business as a corporation, limited partnership (LP), limited liability partnership (LLP), or limited liability company (LLC), you are required to register with the WA Secretary of State.
Cost #2: Washington Contractors License Fees
The Washington Department of Labor and Industries requires all applicants pay a Washington Contractor License registration fee. This Washington Contractors License Fee covers you for two years.
Cost #3: Washington Contractors Bond
The price you'll pay for your Washington Contractor Bond will vary based on your credit history. With that being said, the following rates are subject to change based on the individual applicant.
- $12,000 WA General Contractor Surety Bond - Those with good credit can pay as little as $120. Those with bad credit could receive a rate as low as a $50/1000 – Leaving the Bond Premium amount at $600. (The Range: $120-1,200)
- $6,000 WA Specialty Contractor Bond - Those with a credit score of 675 and above could pay as low as $100. Even those who have bad credit can received a rate as low as $300. (The Range: $100-600)
- $4,000 WA Electrical Contractor Bond - Those with a credit score of 675 and above could pay as low as $100 for their bond. (The Range: $100-400)
Your Overall Expense to get a Washington Contractors License*
- $12,000 WA General Contractors License Expense: $413-1,493
- $6,000 WA Specialty Contractors License Expense: $393-893
- $4,000 WA Electrical Contractors License Expense: $393-693
*all cost estimates are approximate as it is impossible to guaranteed your cost without accounting for changing rates from Insurance Carriers and your credit history. Not all credit scores are treated equally by carriers, some have a larger range and some scores are for commercial insurance applications whereas the consumer report might not reflect the same risk model used.
Do you Need a Washington Contractors License Bond?
Getting a bond can be expensive, but it doesn't have to be. At Surety Solutions, our online Bond Cost Calculator lets you view quotes for your Washington Contractors Bond so you can compare prices before you buy.
Learn more about how you can get your bond for just $120.