Class A and Class B contractors (including those with the Electrical specialty) who do not meet the minimum net worth requirements ($45,000 for Class A; $15,000 for Class B). Required when: Required as a condition of licensure or renewal for Class A or Class B contractors who elect to post a bond in lieu of providing …
Overview
What it is.
Class A and Class B contractors (including those with the Electrical specialty) who do not meet the minimum net worth requirements ($45,000 for Class A; $15,000 for Class B). Required when: Required as a condition of licensure or renewal for Class A or Class B contractors who elect to post a bond in lieu of providing …
Who usually needs it
Class A and Class B contractors (including those with the Electrical specialty) who do not meet the minimum net worth requirements ($45,000 for Class A; $15,000 for Class B).
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 renewed every two years to coincide with the contractor's license expiration date (the last day of the month in which the license was issued).Bond classLicense BondCategoryConstructionBondBoard for Contractors Surety Bond FormStatutory referenceCode of Virginia §§ 54.1-1106, 54.1-1108JurisdictionState
