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Union Bond

  • Lance Surety Bonds underwrites union bonds across the U.S.
  • Also known as a wage and welfare bond
  • Great bonding options for union bonds
  • Seamless online application

wage and welfare bond

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What Is a Union Bond?

Union bonds, sometimes referred to as “wage and welfare bonds,” are required in cases when a company wants to hire an employee represented by a union. The bond guarantees that the employer will cover all due payments on wages and welfare for the union employee.

Union bonds are financial guarantee surety bonds. They work as a contract between three parties. Your company is the principal asked to get bonded. The obligee is the entity requiring the bond, usually the union of the employee. Finally, the surety is the bond underwriter.

In case the business does not meet its obligations towards union employees, a claim can be made on the wage and welfare bond. If proven, the company needs to compensate the claimants in full.

Because of the direct financial reimbursement involved, union bonds are high-risk. That’s why obtaining them requires posting collateral in most cases.

Questions about Wage Welfare Bonds

Who needs to obtain a union bond?

Companies that want to employ people who are members of a union are required to obtain wage and welfare bonds.

Often, businesses settle collective agreements with unions about the conditions under which they can hire union members. Usually union bonds are decided on then. Every union sets the conditions and bonding amount individually.

Are there different types of union bonds?

While there are different names for union bonds, by and large they serve the same purpose: to protect union workers from non-payment of wages and benefits on the side of their employers.

There are some variations between union bonds across the U.S. Each wage and welfare bond is slightly different, as each union decides on the specific conditions to be set in it.

Some of the ways in which union bonds are referred to include wage fund bonds, wage and fringe benefits bonds, welfare fund bonds and fringe benefits bonds. In case the name mentions only welfare or fringe benefits, this means that the bond guarantees the due payment only of these benefits and not of wages. |

How much does a union bond cost?

The price of your union bond, first and foremost, depends on the surety bond amount required by the union that represents your employees. It is often settled during negotiations between unions and companies, and applies to all workers in that union.

Because union bonds are high-risk bonds, your bond price is not calculated the same way as other surety bonds’ cost. There have been numerous cases of claims on wage and welfare bonds, which makes posting a collateral, often 100%, a usual requirement when getting a union bond.

Besides the collateral, you need to cover a bond premium, which is a fraction of the surety bond amount.

To set your bond premium, your surety will still consider your personal credit score and overall finances. If they are both strong, you are likely to get a lower bond premium in the range of 1%-4% of the bond amount.

Regarding the collateral, often it is difficult to avoid posting it. However, if you have long-term relations with your surety, a good history working with them, and strong finances, you might be able to pay only the bond premium and skip the collateral.

Can I get a union bond with bad credit?

Lance Surety Bonds works with many of the most prestigious A-rated, T-listed surety bond companies. This gives us the opportunity to offer you bad-credit bonding, even for the high risk union bonds.

The usual percentages for applicants with damaged credit or poor financials are between 5%-15% of the bond amount, which is needed to compensate for the risk involved. In most cases, getting a union bond with bad credit also means posting collateral.

Still, the bad credit program presents an option for companies that want to work with union employees to get the bond required for this. You can be sure that with us you’re getting top bonding rates and the best conditions on the market.

How do I get my union bond?

Getting your union bonds with Lance Surety Bonds is an easy and quick process. You can apply online to get your free bond quote in no time. After completing a full bond application, we will deliver your exact bond price.

The bonding process can be confusing, so if you have any questions, we are here to help. You can call us at (877) 514-5146 and we will be happy to guide you through.

If you’d like to get more detailed information about how bonding works, our How to Get Bonded page is an excellent resource.

Find Your Surety Bond

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Massachusetts Local No.12 Trust Funds and Other Funds Payment Bo Trustees of Plumbers Union Local 12 Trust Funds Apply Now
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Missouri Painters' District Council #2 Painter's District Council #2, Saint Louis Apply Now
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Missouri Operating Engineers Local 101 Employer Benefits Bo Operating Engineers Local 101 Apply Now
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New Jersey Wage & Fringe Benefit International Brotherhood Of Electrical Workers Apply Now
New Jersey Wages & Fringe Benefits International Brotherhood of Electrical Workers Apply Now
New Jersey Wages & Fringe Benefits International Brotherhood Of Electrical Workers Lo Apply Now
New Jersey Wage and Welfare Local Union #164 IBEW LOCAL 164 Apply Now
New Jersey Pipefitters Lcoal 274 Wages & Fringe Benefits Bond Pipefitters Local Union 274 Apply Now
New Jersey (U.A. - N.J.) Employee Benefit Funds Wage and Bene Refrigeration & Air Conditioning Service Division Apply Now
New Jersey OPERATING ENGINEERS LOCAL 825 FRINGE BENEFIT FUNDS Operating Engineers Local 825 Apply Now
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New York Welfare, Pension, Annuity Payment Bond IBEW Local Union 363 Apply Now
New York IUEC Wage and Fringe Benefit Payment Bond NY LOCAL 1 IUEC Apply Now
New York Local Union #9 Wage & Welfare Bond TRUSTEE OF THE DISTRICT COUNCIL NO. 9 OF NEW YORK Apply Now
New York International Union of Painters Trustess of the District Council No. 9 of New York Apply Now
New York Fringe Benefits Only Bond Sheet Metal Intl #28 Apply Now
New York Sheet Metal Workers International/Local Union #28 Sheet Metal Workers International/Local Union #28 Apply Now
New York Steamfitters' Industry Funds Construction Trades B The Steamfitters' Industry Fund Apply Now
New York Fringe Benefits Bond (Local #200) Plumbers Local No. 200 Apply Now
Ohio Wages & Fringe Benefits Local Union #32 IBEW Lima OH Apply Now
Ohio Fringe Bond International Union of Operating Engineers, Local Apply Now
Ohio Secure Payment of Wages and Fringe Benefits Bond Local Union No. 24 Sheet Metal Apply Now
Ohio Contractor Wage and Fringe Benefit Bond Northern Ohio PMC, INC. Apply Now
Ohio Wage & Fringe Benefit Bond (Plumbers & Steamfitter Plumbers & Steamfitters Local 42 Apply Now
Oregon Statutory Public Works Construction Contractors Board Apply Now
Other Painters District Council #14 Painter's District Council #14 Apply Now
Other Bricklayers Employers Bond United Order of American Brick Layers and Allied C Apply Now
Other Ohio Vicinity Regional Council of Carpenters Ohio Vicinity Regional Council of Carpenters Apply Now
Other Plumbers Local 27 Plumbers Local 27 Apply Now
Other Northern California Drywall Finishers Dist 16 Northern CA Health & Welfare Trust Fund Apply Now
Other Steamfitters Local 449 Steamfitters Local 449 Apply Now
Other Mid-Central IL Regional Council of Carpenters Mid-Central IL Regional Council of Carpenters Apply Now
Other Plumbers & Steamfitters Local 47 Plumbers & Steamfitters Local 47 Apply Now
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Other Sheet Metal Workers International Assoc. Local Uni Sheet Metal Workers Int'l Assoc. Local 28 Apply Now
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Other Steamfitters' Industry Funds Construction Trades Local 638 Steamfitters Union Apply Now
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Other Insulators Local 80- Employers Wage, Expense, Welf Insulators Local 80 Apply Now
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Virginia International Brotherhood of Electrical Workers an IBEW Local 666 Apply Now
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West Virginia Wage Payment Bond WV Division of Labor Apply Now
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Wyoming Non-Resident Employers' Bond Dept of Workforce Services, Worker's Comp Div Apply Now

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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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