LICENSED BONDED AND INSURED - Capstone Brokerage
CONSTRUCTION LAS VEGAS

LICENSED BONDED AND INSURED

By On June 20, 2013

CONSTRUCTION LAS VEGASIn Las Vegas, construction is on the rise once again. Things are hopefully looking up for our cities economy. All around town construction sites seem to be mobilizing and buildings and homes seem to be going up.

The phrase Licensed bonded and insured is very common on construction sites when companies are taking bids for new projects. What does that really mean? The simplest way to explain it is to literally break each thing down. Licensed means that the company has a contractor’s license through the state of Nevada. It is important to understand this is different from a business license. Each construction industry has specific requirements that need to be met for each area of construction. For example a licensed framer is only able to work on framing, not concrete, unless they have a general contractors license. To look up if a company has a current license in the state of Nevada visit, http://www.nvcontractorsboard.com.

Bonded is two fold. The first part of bonded means that the company is bonded up to a certain dollar amount for work to preform. This amount can limit their bids to jobs that are within there risk. In other words if that same framing company wanted to bid on a job that would require $100,000 worth of services then they would need to be bonded to that amount or more. This part of bonded can limit contractors to smaller jobs and is VERY important to know and is connected to the actual contractor’s license. The Second part of bonded protects the business owner in the event of employee dishonesty. In other words if an employee does something such as steal the business owner is protected.

Insured, maybe the most self-explanatory, it means that the company has General Liability insurance as well as Workers compensation insurance. This is easy to check through the department of insurance.

If you are going to have work done on your home or business be sure to use someone that is licensed, bonded and insured. This will protect you in the event that something doesn’t go as planned.