Electrical Contractor Bond
Safety Standards Act and Regulations Surety Bond
An Electrical Contractor Bond is the surety bond typically required by your provincial Safety Authority in order to obtain your electrical license as well as pull permits. We’ve developed a quick and easy online system for Electrical Contractor Bonds where you can get instantly approved and purchase your bond from a computer or smart phone.
Whether you’re a new electrical contractor, or a master electrician, we’re here to make the process of obtaining your bond as simple as possible.
What is an Electrical Contractor Bond?
An Electrical Contractor Bond is a three party security agreement between the Principal, Surety Underwriter, and Obligee (don’t worry, we’ll explain what each party is shortly). The bond guarantees that the Principal will comply with all regulations and guidelines outlined by the provincial Safety Standards Act for electrical work performed during its operations. The typically required value of an Electrical Bond is $10,000 and is available in BC and Saskatchewan.
For clarity, the three parties (and their definitions) included in the security of a Gas Contractor License Bond are:
The Principal – This is you, the contractor applying for the bond and this entity whether company or individual is responsible for any losses that may be caused under the terms of this surety agreement.
The Surety – This is the insurance company providing the financial backing for the issued bond and is bound to the Obligee that the principal will comply with the commitments on the bond (view an example of the bond wordings here: example for BC; example for SK).
The Obligee – This is the party whom the guarantee on the bond is being made to. For Electrical Contractors Bond it will be your provincial safety authority.
What is received when purchasing an Electrical Contractors Bond?
When you purchase an Electrical Contractor Bond through our online portal, you and your provincial safety authority will receive a verified e-bond that complies with local requirements. This typically includes:
- Bond Number
- Bond Amount: $10,000 (but can be more if needed)
- Full legal business name or sole proprietorship
- Obligee: Technical Safety BC or Technical Safety Saskatchewan
- Principal’s Signature (this is collected in our online application)
- Insurer’s Signature
- Surety Company Seal
- Date
Why do I need an Electrical Contractors Bond?
You or your electrical contracting business may require an Electrical Bond when looking to have a license to operate issued from a local safety Authority. Currently, both Technical Safety BC as well as the Saskatchewan Safety Authority are requiring electricians performing work in the province to obtain a $10,000 bond in order to have an Electrical License issued for the contractor. You can review more details from the respective safety authorities via the following links:
A reputable surety company provides a financial backing to protect consumers from faulty electrical contractor bond works.
How much does an Electrical Contractor Bond cost?
An Electrical Contractor Bond can be purchased for as little as $150.00 for a 1 year bond duration and $350.00 for a 3 year bond duration. These are the lowest rates available in the surety bond industry and best of all, the security of the bond is only provided by top-rated Canadian surety underwriters. We always issue digital (e-bond) versions of our surety bonds when available; however, if your local safety authority requires a hard copy, additional mailing / courier costs may apply.
It never costs you anything to pursue a quote for any type of bond or commits you to proceeding with a purchase once a quote is received, so get started today!
Are Electrical Contractor Bonds the same as Construction Bonds?
The short answer is, yes. However, your electrical contracting business may also need Construction Contract Bonds which includes Bid Bonds, Performance Bonds, Payment Bonds, and other types of surety bonds to commit to contractual obligations.
If you simply need a surety bond to become a licensed electrical contractor and conduct business in your province, then you’re in the right place. Click the “Quote & Buy Now” button and we’ll have your bond issued by a reputable bonding company licensed in your province. You can have your contractor’s license in no time and get back to what’s important, running your business.
$10,000+ Surety Bond
1 or 3 Year Term (Renewable)
Reliable Canadian Underwriters
Certified E-Bond
Online Approval & Payment
How It Works
Step 1
Complete a brief online questionnaire about your business.
Step 2
Receive an instant quote directly in your web browser.
Step 3
Your surety bond will be issued to your Provincial Regulatory Authority with a certified E-Bond.
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