Effective January 1, 2015, bonding requirements for existing contractor license types have increased: Handyman (Contractor) works on one project with an aggregate contract price of $10,000 or less, including all labor, materials, and other items. When the work is not part of a more extensive or major operation or otherwise divided into contracts of less than $10,000 to evade a higher bonding requirement of $5,000, The surety bond company does not have to pay more than the bond amount.
The cost depends on the Owner's credit and the length of time the company has been in business. The Handyman Contractor Bond is $100 per year. Most Surety Bond companies give discounts to contractors who purchase multiple years upfront. For example, a two-year Specialty Contractor Bond is around $350 instead of $200 for one year.