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Employee Leasing Company Bond

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  • Excellent bond prices in all states
  • Bad credit bonding available

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What Is an Employee Leasing Company Bond?

In a number of states across the U.S., employee leasing companies, also known as professional employer organizations, have to provide a surety bond prior to starting their legal operations.

This is a type of license bond. Its goal is to guarantee that employee leasing companies will adhere to the legal framework in their respective state. If you fail to follow the law in your activities, you may end up with a claim against your bond. This is how a harmed party can seek a reimbursement for suffered damages.

The surety bond that you have to provide is a three-party contractual agreement. Your employee leasing business is the principal that has to post the bond. The state authority that oversees your trade is the obligee. The surety is the one that provides the bonding and the backing for your company.

Questions about Employee Leasing Company Bond

Which states require employee leasing companies to post a surety bond?

Georgia

In Georgia, employee leasing companies have to provide a $10,000 surety bond to the state Department of Labor. After the first year, the bond amount is adjusted according to the company’s taxable payroll.

New Mexico

Employee leasing companies in New Mexico need to provide a $100,000 surety bond to the state Regulation and Licensing Department.

Rhode Island

You have to provide a $50,000 surety bond to the Rhode Island Tax Administration if you want to operate as an employee leasing company in the state. Here is the surety bond form that you have to employ.

Nevada

The Nevada Department of Business and Industry requires employee leasing companies to post a $100,000 bond in the official bond form.

What are the bonding costs?

In order to get bonded, you don’t have to provide the whole bond amount required from you. Instead, you need to cover a small percentage of it, which is referred to as the bond premium. It is based on the strength of your finances.

What are the most important criteria that influence your surety bond cost? Among them are your personal credit score, business financials, and assets and liquidity. Your surety may also consider your professional experience to judge the stability of your profile. If your overall application is solid, you can expect a bond rate in the range of 1% to 5%.

Surety Bond Cost Based on Credit Score
Surety bond name Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Georgia $10,000 $100-$150 $100-$250 $250-$500 $500-$1,000
New Mexico and Nevada $100,000 $750-$1,500 $1,000-$2,500 $2,500-$5,000 $5,000-$10,000
Rhode Island $50,000 $375-$750 $500-$1,250 $1,250-$2,500 $2,500-$5,000

Can I get this surety bond if I struggle with bad credit?

With Lance Surety Bonds it is possible to get the bond you need, even if you struggle with a low credit score, tax liens, bankruptcies, or civil judgements. Our Bad Credit Surety Bonds program was designed for applicants with problematic finances.

The rates that you can expect are between 5% and 10%, since the bonding risk is higher. We can still guarantee you a top bonding price, whatever your credit score is. We work with numerous A-rated, T-listed surety companies, and this allows us to shop around for you.

How do I apply for my employee leasing company bond?

Would you like to learn more details about the bonding process? Don’t miss out our in-depth How to Get Bonded page that will fill in all gaps.

We are here to help. If you need assistance with your bond application, or simply have more questions, just call us at (877) 514-5146.

START YOUR APPLICATION It's FREE. No Obligations. Approval in Minutes.

What Our Clients Have To Say?




Kimberlee Ables
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Andrew Poincot
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
Margie Martinez
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!

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