The Department of Professional and Occupational Regulation and Virginia's Contractor Licensing Board may require contractors who take on jobs of a specific job to purchase a Virginia contractor bond.
This bond is called a contractor license bond and only certain contractor classifications need to purchase the bond. What's more, the bond is not required, but elected if you don't meet specific net work requirements. Learn the details in this video and make sure to read our full article about getting a Virginia contractor's license.
- 00:16 - Video agenda
- 00:54 - Contractor classification overview
- 01:48 - Financial position and the surety bond
- 02:18 - What is a contractor license bond?
- 02:40 - What does a contractor bond protect against?
- 03:10 - What is the price of the contractor surety bond?
- 03:26 - The factors that impact the bond price
- 03:42 - Surety bond pricing examples
- 04:29 - How to pay as little as possible for the bond