Licensed Elevator Contractors and Limited Elevator Contractors in Minnesota who perform elevator installation, maintenance, repair, and inspection work must obtain this $25,000 surety bond as a mandatory component of their license application process prior to conducting business operations.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMNBond amount$25,000ObligeeState of MinnesotaBond classLicense BondCategoryOtherBondElevator or Limited Elevator ContractorPlain descriptionElevator Contractor - Bond runs to StateWho needs this bondLicensed Elevator Contractors and Limited Elevator Contractors in Minnesota who perform elevator installation, maintenance, repair, and inspection work must obtain this $25,000 surety bond as a mandatory component of th…
