Department of Professional and Occupational Regulation gives all Class A & B Virginia Contractors the option to file surety bond as a testament to financial stability to receive and maintain their license. These bonds renew or expire on an annual basis.
Virginia Contractor Licensing surety bonds are underwritten and approved based upon the owner of the company’s personal credit score. Most of our surety companies/carriers utilize a “soft pull” therefore it typically will not affect your personal credit score.
What is the difference between Class A and B?
Contractor Class A: Perform or manage a single contract or project of $120,000 or more or if the total value of all of the contracts or projects undertaken in the past 12 months is $750,000 or more. Required to show a minimum net worth of $45,000.
Contractor Class B: Perform or manage a single contract or project valued between $10,000 and $120,000 or had a total contract or projects valued with in any 12-month period is between $150,000 and $750,000. Required to show a minimum net worth of $15,000
If I can not show the minimum net worth: How long is the Surety Bonds term? What is the cost of the Bond?
- Virginia’s Contractor Licensing Bond expires every two years.
- $875is our lowest rate (good to excellent personal credit) but premiums are based on personal credit. With over 20 years of loyal customers we are experts in Virginia Surety Bonding and we price shop bonds for you with up to 50 surety companies at no added fee. To join the 2,000+ that have chosen FSB America complete our secure online application.
We are Virginia Licensing Bonding experts and we can make sure you are in compliance with your state required bonding, in most cases, the same day.
Apply below, call our Commercial Department at 407-786-7770 or email us at CommercialBonding@FSBAmerica.com