Surety Bond Cost Calculator
Estimate your annual surety bond premium based on bond amount, credit score, and years in business. Covers FL contractor license bonds and project bonds.
Estimated Annual Premium
$276 - $414
Rate: 1.8% - 2.8% of $15,000 bond
3-Year Cost
$828 - $1,242
Monthly Equivalent
~$29/mo
You pay the premium (1-10% of bond amount), not the full bond amount. The surety company backs the full bond. If a claim is filed, the surety pays and seeks reimbursement from you.
Types of Contractor Surety Bonds
License Bond
FL RequiredRequired for FL contractor licensure. Guarantees compliance with state licensing laws. Bond amount set by CILB ($5K-$25K).
Performance Bond
Guarantees completion of a specific project. Typically 100% of contract value. Required on public projects over $200K.
Payment Bond
Guarantees payment to subcontractors and material suppliers. Often required alongside performance bonds on public works.
Bid Bond
Guarantees the contractor will honor their bid and enter into a contract if awarded. Typically 5-10% of bid amount.
Understanding FL Contractor Bonds
How Bonds Work
A surety bond is NOT insurance — it is a guarantee. There are three parties: the principal (contractor), the obligee (state or project owner), and the surety (bond company). If the contractor fails to meet obligations, the surety pays the claim up to the bond amount, then seeks reimbursement from the contractor. Your credit score is critical because the surety is essentially extending you a line of credit.
FL Bond Requirements
Florida Certified General Contractors must maintain a license bond between $5,000 and $25,000. The exact amount is determined by the CILB based on your financial statement. Residential contractors typically need a $5,000 bond. The bond must be renewed annually and maintained as long as your license is active. Failure to maintain your bond can result in license suspension.
Frequently Asked Questions
Pass Your FL Contractor Exam
Bond and insurance topics are covered on Part 1 (Business & Finance). Practice with real exam-style questions.
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Markup vs Margin Calculator
Understand the difference between markup and profit margin
Construction Bid Calculator
Build professional bids with labor, materials, overhead & profit
Contractor Hourly Rate Calculator
Calculate your billable hourly rate with burden, overhead & profit
Contractor Insurance Estimator
Estimate GL, workers comp & bond insurance costs for FL contractors