Class A and Class B contractors who do not meet the minimum net worth requirements ($45,000 for Class A; $15,000 for Class B) or who choose not to submit a financial statement. Required when: Required as part of the application or renewal process for a Class A or Class B contractor license when financial responsibilit…
Overview
What it is.
Class A and Class B contractors who do not meet the minimum net worth requirements ($45,000 for Class A; $15,000 for Class B) or who choose not to submit a financial statement. Required when: Required as part of the application or renewal process for a Class A or Class B contractor license when financial responsibilit…
Who usually needs it
Class A and Class B contractors who do not meet the minimum net worth requirements ($45,000 for Class A; $15,000 for Class B) or who choose not to submit a financial statement.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateVABond amount$50,000Term length2 yearsObligeeVirginia Department of Professional and Occupational Regulation, Board for ContractorsRenewalThe bond must be maintained and proof of current bond must be filed with the Department to renew the contractor license every two years. The bond expiration must coincide with the license expiration date.Bond classLicense BondCategoryProfessional ServicesBondBoard for Contractors Surety BondStatutory referenceCode of Virginia § 54.1-1106 and § 54.1-1108JurisdictionState
