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It depends on what your company focus is.  If you are a local business with actual store fronts, yes absolutely.  If you are web facing only but provide local phone numbers you can do that as well and simply leave out your address.

The Lesser (non Google, Yahoo & Bing) local listings won't make you jump 20 spots overnight but can help drive valuable traffic and also provide valuable data across the web that can help with your trust and rankings.  (Ratings, Links, Visits etc.)

If you provide a real company and see value in possible traffic through local listings then the answer is Yes - spend some time and do it right.

Fill out every listing in as much detail as possible.

Might not bring loads of traffic but a couple visits per month every month from here on out should help.

Obviously you won't receive the exact match benefits that contractorlicensebond.com would, BUT you will still get Contract out of Contractor and the LicenseBond part will help as well.

As long as you match your title and appropriate on-page aspects with that keyword you should be fine.  Will take some time if its going to be a national target keyword (unless the competition is few and far between)

I would suggest ContractLicenseBond.com.  Will this be a site entirely dedicated to a single product or will this be your company's main site?

If you already have a nice trusted highly ranked main website I would suggest purchasing that domain (Just to make sure you get it) and then see if you can create a page off of your main site for this particular product and see if you can get ranked for that keyword simply using your main website.

Page URL could be maincompanyurl.com/contractorlicensebond and then build out this page and start driving proper links to this page.

I could talk about this subject all day but if you need more details I will be glad to help.