Virginia Financial, Insurance & Exam Requirements
Beyond the classification limits, a Virginia contractor must meet net-worth or bonding requirements, understand the multi-part exam, and comply with workers' compensation. This chapter reviews those requirements and how NASCLA fits in.
Net worth, bonding, and financial responsibility
The financial requirement rises with the class: Class C has none, Class B requires $15,000 in net worth or equity, and Class A requires $45,000 in net worth or a $50,000 bond as an alternative. These requirements give consumers assurance that a contractor undertaking larger projects has the financial capacity to complete them.
The multi-part examination
Virginia's business/law examination has a Virginia portion (state law and regulation) and a General portion (business and project management). Class A applicants must also pass an Advanced portion; a Class A candidate who fails only the Advanced portion generally qualifies at Class B. Class B applicants take the Virginia and General portions, while Class C applicants are not required to take the business/law examination at all. A designated employee sits the exam on the firm's behalf.
NASCLA, the trade portion, and workers' compensation
The NASCLA Accredited Commercial General Building Contractor exam can satisfy the trade/technical portion for Virginia's commercial building classification, but the Virginia business and law and financial requirements still apply; candidates should confirm current acceptance with DPOR. Separately, under the Virginia Workers' Compensation Act (Va. Code §65.2-101), an employer that regularly employs three or more workers must carry workers' compensation coverage, counting part-time and subcontracted workers carefully.