A Virginia contractor license bond may cost you between $100 and $5,000. This value is heavily affected by the surety bond amount. The entity requiring the bond will let you know the amount you must be bonded for. This amount can be as low as $1,000 for an Excavation Contractor Bond in the city of City of Petersburg or go up to $50,000 for a Board for Contractors License Bond, valid for a 2-year term. In any case, you're not required to pay the full bond amount, only a small percentage of it, known as the surety bond premium. This value, usually ranging between 1% - 10% of the bond amount is, in turn, influenced by the risk you represent to the surety.