Surety bonds • Virginia
Virginia Contractor License Bond: $50,000 Bond in Lieu of Net Worth
Virginia’s Board for Contractors requires Class A firms to verify a net worth of at least $45,000 and Class B firms at least $15,000. Instead of proving net worth, either class may obtain a $50,000 surety bond on the board’s bond form. Published prices start around $438 for a two-year term.
This guide covers when the bond is an option, the net worth rules, costs, and other bonds Virginia contractors encounter. Blake Insurance Group is an independent agency, and a licensed agent can help with your bond and contractor insurance.
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When the bond is an option
| License class | Net worth to verify | Alternative |
|---|---|---|
| Class A | $45,000 or more | $50,000 surety bond on the board’s form |
| Class B | $15,000 or more | $50,000 surety bond on the board’s form |
Sources: 18VAC50-22-60, 18VAC50-22-50. Net worth excludes property owned as tenants by the entirety and can be shown with a financial statement, a CPA-reviewed statement, or a CPA audit.
Why contractors choose the bond
The bond is useful for new or growing firms that cannot yet show the required net worth, or that prefer not to submit financial statements. It must be on the Board for Contractors’ bond form. If the surety pays a valid claim, the contractor must repay it.
How much the Virginia contractor bond costs
SuretyBonds.com lists the $50,000 Virginia contractor license bond starting at $438 for a two-year term, or about $219 a year, for Class A and B contractors. Rates depend on credit.
Other bonds Virginia contractors need
- Public works: performance and payment bonds on larger public contracts.
- Local permit bonds required by some Virginia localities.
- Bid bonds on public bids; see our bid bond guide.
Insurance for contractors
A bond is not insurance for your business. Most contractors also carry general liability insurance and workers’ compensation. See licensed, bonded, and insured.
Virginia contractor license bond FAQs
Do Virginia contractors need a surety bond?
Class A and B contractors need either the required net worth or a $50,000 surety bond on the board’s form.
What net worth does a Virginia Class A contractor need?
At least $45,000, or a $50,000 surety bond in lieu of it.
How much is the Virginia contractor bond?
The bond amount is $50,000. Published prices start around $438 for a two-year term.
Related guides
- Virginia surety bonds
- California contractor license bond
- Arizona contractor license bond
- General liability insurance
- Surety bonds
- Surety bond cost
- Surety bond cost calculator
- Buy a surety bond online
- License and permit bonds
- Virginia landscaping contractor insurance
- Virginia HVAC contractor insurance
- Virginia electrical contractor insurance
- Virginia plumbing contractor insurance
- Virginia roofing contractor insurance
- West Virginia contractor bond
- New Mexico contractor license bond
- Iowa contractor bond
- Oklahoma contractor license bond
- South Carolina contractor license bond
- Alabama roofer bond
- Tennessee home improvement bond
- Washington contractor bond
Important information
Compensation. The link in the partner quote box near the top of this page is sponsored, and Blake Insurance Group may be paid if you make a purchase. Sponsored placement does not affect the other information on this page.
Independent agency. Blake Insurance Group LLC is an independent insurance agency. Licensed insurance producer NPN 16944666. Licensed states: AZ, AL, TX, CA, NY, OH, FL, NC, VA, GA, OK, NM, IA, KS, MI, NE, SC, SD, WV, IL, NJ, PA, TN, and WA. Which insurance companies we can quote depends on our current appointments, the product, and your state. Mentioning a company on this page does not mean we represent it.
Cost figures. Published averages and ranges are cited from the sources named, as of the dates shown. They are not quotes and may not reflect your price, which depends on the insurer, the surety, your credit, the bond type, and underwriting.
Availability. Coverage, prices, discounts, and eligibility vary by insurer, state, and applicant, and are subject to underwriting. The issued policy controls.
Your next step
Tell us about your license, and a licensed agent will help with your Virginia contractor bond, or start a bond quote online with our partner.
