Surety Bonds - Western National Insurance Group Fundamentals Explained

Companies with more than 5 workers must submit a Surety Bond of 5 thousand ($5,000) dollars. Employment Service Bond ($50,000/$100,000) All applicants for a Basic Service License for an Employment Solutions Company (Employment Company) must post a $50,000 Work Firm Surety Bond or a $100,000 Employment Service Surety Bond throughout of the two-year license period.

If the typical fee for a task seeker is less than $2,000 and the Employment service service participates in agreements with less than 100 job candidates annually, a bond in the quantity of fifty thousand ($50,000) dollars will be submitted. Employment Counseling Service Bond ($50,000/$100,000) All applicants for a Basic Company License for a Work Services Organization (Work Counseling Service) must publish an Employment Therapy Service Surety Bond for the period of the two-year license duration.

If the average fee for a task seeker is less than $2,000 and the Employment Counseling business participates in contracts with fewer than 100 job candidates per year, a bond in the quantity of fifty thousand ($50,000) dollars will be submitted. Health Spa Sales Bond ($25,000/$50,000) All candidates for a Basic Business License for a Regulated Business (Health Medical spa Sales) must publish a Health Day Spa Surety Bond in the amount of twenty-five thousand ($25,000) dollars for the period of the two-year license duration for annual subscription sales of up to one hundred thousand dollars ($100,000).

The Surety Bond might be provided by an authorized insurance coverage carrier, or the candidate may publish a cash bond with the Department of Consumer and Regulatory Affairs. View Details ($25,000) All applicants for a Basic Organization License for a Regulated Service (Home Improvement Contractor) should publish a House Enhancement Surety Bond in the amount of twenty-five thousand ($25,000) dollars for the period of the two-year license duration.

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Automobile Dealership Bond ($25,000) All candidates for a Basic Business License for a Managed Business (Automobile Dealership) must post a in the quantity of twenty-five thousand ($25,000) dollars for the duration of the two-year license duration. The Surety Bond might be issued by an authorized insurance carrier, or the applicant may publish a money bond with the Department of Consumer and Regulatory Affairs.