A Virginia contractor license bond is an alternative option for Class A and Class B contractors in the Commonwealth of Virginia who don’t meet the state’s net worth requirements for licensure. Contractors may post a $50,000 surety bond instead of providing financial statements showing they satisfy the minimum net worth requirements outlined by the Virginia Department of Professional and Occupational Regulation (DPOR).
The option to post a contractor license bond as proof of financial responsibility came about with a law from the Virginia Board for Contractors that went into effect in July 2017. The law gives contractors more freedom to operate with a lower net worth.
The cost of a VA contractor license bond will vary from one surety bond company to the next. Through NNA Surety Bonds, the premium for the bond is $438 for a 2-year term and covers $50,000 of liability. The cost is the same whether you are applying for a Class A contractor license or a Class B contractor license.
This bond is required for certain professionals seeking a contractor license in Virginia. Class A and Class B contractors in Virginia who don’t prove their financial responsibility by submitting a financial statement must purchase and maintain a $50,000 contractor bond to be licensed in the state. This surety bond requirement does not apply to Class C contractors.
The Virginia Board for Contractors issues licenses in three classes:
Class A contractors:
Class B contractors:
Class C contractors:
You can get this bond at a flat premium of $438 for the 2-year term without a credit check. You can buy the bond and download it today for immediate use. All we need is some basic information about you and your business.
Like all surety bonds, a Virginia contractor license bond helps protect owners, suppliers, employees, and consumers if a contractor fails to comply with state licensing regulations.
Several cities and counties in Virginia may have their own surety bond requirements — separate from what the state requires. So be sure to consult with your city or county for more specific information.