First-Time Bonding for Emerging Contractors
Getting your first bonding facility doesn't have to be complicated. We'll guide you through the process and help you get set up to bid on bonded work.
What You'll Need
Setting up a bonding facility requires documentation. Here's what we typically need.
CPA-Prepared Financial Statements
2-3 years of CPA-prepared financials. We can work with review engagement or compilation depending on your situation.
Personal Net Worth Statement
Required for all principal owners who will be signing the indemnity agreement.
Download PDFBank Terms & Conditions Letter
A letter from your bank confirming your operating account, line of credit, and terms.
Contractor Questionnaire
Company information, ownership details, organizational structure, and key personnel.
Download PDFWork-on-Hand Schedule
Current and upcoming projects, contract values, completion percentages, and outstanding receivables.
Download ExcelResumes
For newer companies, resumes of key personnel showing relevant construction industry experience.
How It Works
A straightforward path to your first bonding facility.
Initial Conversation
Tell us about your business, what you're bidding on, and where you want to go.
Document Collection
We'll provide a clear checklist of what's needed. No surprises.
Surety Submission
We package and submit to our surety partners who work with emerging contractors.
Facility Approval
Once approved, you can start bidding on bonded work.
Let's Get Started Today
With complete documentation, we can move quickly.
Ready to Get Started?
Tell us a bit about your business and we'll reach out to discuss your options. No pressure, no commitment—just a conversation about what's possible.
Prefer to call?
(905) 576-7770Email us directly
commercial@roughleyinsurance.comWhat to Expect
- •We'll review your information and get back to you within 1 business day
- •We'll discuss what's realistic based on your situation
- •If we can help, we'll provide a clear checklist of what's needed
Common Questions
What size projects can I bond as a new contractor?
Starting limits vary based on your financials and experience. Many new contractors start with Single Limits of $100K-$500K and grow from there. Your Single Limit is a guideline for the largest single job, and your Aggregate covers all contracts in your backlog (bonded and unbonded). These are guidelines, not definitive caps. As you build your track record, your limits grow with you.
How long does it take to get set up?
With complete documentation, we can often get a facility set up in as little as 48 hours. Incomplete or unclear information will slow things down, so we focus on getting everything right the first time.
Do I need audited financials?
Not always. For smaller facilities, review engagement or compilation statements from a CPA are often acceptable. As you grow and take on larger projects, audited statements may be required.
What if I've only been in business for a year or two?
We work with emerging contractors at various stages. Limited operating history means we'll need to rely more on your personal financial strength and prior industry experience. We'll be upfront about what's possible.
Is there personal guarantee required?
Yes. For most bonding facilities, the principal owners provide personal indemnity. This is standard in surety. It shows you have skin in the game.