How much does an employee leasing company bond cost in Georgia?
The Georgia Department of Labor mandates that employee leasing companies post surety bonds in varying amounts prior to conducting business. The required bond amount is either $10,000 or 2.7%— whichever is greater— of the company’s taxable payroll for the 4 calendar quarters ending June 30 preceding the effective date of the bond. The bond covers a minimum of 1 calendar year, as well as the remainder of the calendar year in which it is issued. If the employee leasing company is new and has no previous employment history, the required bond amount is $10,000. Applicants must verify their required bond amount with the state prior to bonding.
Because the required amount and, therefore, the price you’ll pay for your bond can vary so much, our experts recommend submitting an online bond request. You’ll be connected with an expert surety specialist who will provide you with your free surety bond quote within 1 business day of submitting your application!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Employee Leasing Company's Statutory Bond New employee leasing company||$10,000||Starts at $100||$400-800||$1,000+||Apply Now|
|Employee Leasing Company's Statutory Bond Established employee leasing company||Varies||Starts at 1%||4-8%||10%+||Apply Now|
Purchasing the Georgia surety bond you need is fast and easy when you choose SuretyBonds.com! Call 1 (800) 308-4358 or submit a bond request to apply now.
Why do I need this bond?
Employee leasing company bonds (also called professional employer organization bonds) in Georgia are put in place to ensure that principals (employee leasing companies) comply with all requirements and regulations of the Employment Security Law, including filing prompt and accurate reports. If the principal fails to conduct business ethically and in accordance with the law, the bond protects harmed parties from resulting financial loss up to the full bond amount. The principal is responsible for reimbursing the surety for any damages paid out.
What’s the fine print?
The Georgia Department of Labor requires employee leasing companies to submit a surety bond. These bonds are valid for the remainder of the calendar year in which they are issued, as well as for 1 additional calendar year. Once the bond expires, the company must renew the bond in order for operations to continue.
How to become an employee leasing agency in Georgia
Employee leasing companies in Georgia are not required to obtain a license, but all companies must keep the following on record:
- current list of all clients in Georgia
- mailing addresses for all customers
- listing of DOL registrations by DOL account number for the clients
- records with employee wages and hours worked
- federal employer identification number for all clients
- names, residence addresses, social security numbers, ownership interests and positions of employment in the employee leasing company
These requirements are set by the Employment Security Law of the Georgia Department of Labor.
Let our experts do all of the hard work for you when it comes to purchasing your Georgia surety bond. Request your free bond quote now!
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