If you’re a New Jersey contractor, significant changes are here. The New Jersey 2025 Home Improvement Contractor Business (HICB) and Home Elevation Contractor (HECB) Licensing Act mandates new requirements for contractors renewing their licenses. The deadline to comply is March 31, 2025.
What’s Changing?
Effective immediately, contractors must have:
- Compliance Bond: A compliance bond, irrevocable letter of credit, or other security is now required. The amount varies based on contract value:
- $50,000 for contracts over $120,000 or annual contracts totaling at least $750,000.
- $25,000 for contracts between $10,000 and $120,000 or annual contracts between $150,000 and $750,000.
- $10,000 for contracts under $10,000 or annual contracts below $150,000.
- Workers’ Compensation Insurance: Mandatory unless exempt under N.J.S.A. 34:15-1 et seq.
- Commercial General Liability Insurance: Minimum coverage of $500,000 per occurrence for HICBs and $1,000,000 per occurrence for HECBs.
For detailed information, visit the New Jersey Division of Consumer Affairs FAQ page.
Why This Matters
Non-compliance means:
- Inability to legally work.
- Potential penalties and business disruptions.
- Loss of contracts and clients requiring compliance.
Your Solution
We offer a comprehensive package to meet all new NJ requirements efficiently and affordably:
- Compliance Bond: Starting at $250 per year when bundled.
- Workers’ Compensation & General Liability Insurance: Competitive pricing based on payroll.
As an Attorney in Fact, we’re authorized to issue the necessary bonds and insurance policies to keep you compliant.
Act Now
Demand is high as contractors rush to renew licenses. Avoid delays by securing your compliance now.
Need More Info? We’re scheduling one-on-one consultations to guide contractors through the process and answer any questions. Book a quick call with us today to get started.
Don’t wait until it’s too late. Take action now to protect your business.
Contact us today to secure your bond and insurance!
📩 Rodrigo Mora & Javier Diaz 📞 [718-499-0700] 🌐 www.silverlineins.com
For official details, refer to the HICB Renewal Notice.