Oregon Health Care Service Contractor Bond
What is the Oregon Health Care Service Contractor Bond?
Health care professionals planning to work as health industry contractors in the State of Oregon must first secure their license with the state’s Department of Consumer and Business Services. Accordingly, one requirement for health care service contractors is the Oregon Health Care Service Contractor Bond which is in compliance with the provisions of the Oregon Revised Statutes (ORS) Chapter 750.
The bond to be posted must amount to $250,000 and will be used to ensure the progress of the health care service licensing and regulations. For more information on the bond, you may read on the Health Care Service Contractor Bond.
Why do you need an Oregon Health Care Service Contractor Bond?
The State of Oregon, by virtue of the ORS 750, mandates that health care service contractors must be bonded in order to obtain proper licensing requirements to legally operate their business. The bond also protects the public by ensuring that their operations abide by high quality standards in terms of administration, services, and financial stability.
Apart from the mandatory legal compliance, securing your own licensing bond also ensures:
- Clients are completely safe and secure under your agency
- Your credibility is boosted in terms of financial security
- You are able to use your full line of credit
- The confidentiality of your activities (unless requested by legal authorities)
- Your access to professional advice counseling from lawyers, estimators, and similar professionals.
More details about the Oregon Health Care Service Contractor Bond
The Oregon Health Care Service Contractor Bond must be filed with the state’s Department of Consumer and Business Services. The bond must also be issued by a surety bond provider certified by the Oregon Department of Insurance. The parties in the agreement are:
- Principal (health care contractor)
- Obligee (Oregon State)
- Surety/Bond Company or Obligor (surety bond provider).
How much does an Oregon Health Care Service Contractor Bond cost?
The cost of the Health Care Service Contractor Bond in the State of Oregon will depend on the employer’s credit score, industry experience, business history, and the surety provider’s financial background. Typically, the bond will be between $2,500 and $25,000. The better the applicant’s credit score, the better the premium rate and bond cost is.
Want to know your standing? Visit here and get your surety bond quote today!
How do I obtain this bond?
At Surety Bond Authority, we are dedicated to helping you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
- Completed bond application form (to be provided by our trusted surety agents)
- Bond forms (as designed and mandated by the state regulation department)
- Financial documents (this includes your bank account statements, sources of income, balance sheets, personal and business capital, escrow accounts, etc.)
- Other requirements as prescribed (seller’s permit, facility permit to legally conduct business, etc.)
In the assessment phase, our underwriter will need the following information:
- Nature of your business
- Credit Score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time.