New Mexico Employee Leasing Company Bond Guide
If you’re applying for an employee leasing company license in New Mexico, you’ll likely need this surety bond.
Bond Overview
- Purpose: To provide financial security and reinforce operational certainty for clients
- Who Needs It: Providers of outsourced HR and payroll services
- Regulating Body: The New Mexico Regulation and Licensing Department, Employee Leasing Program
- Required Coverage: $100,000
- Premium Rate: 1–10%, credit-based
Learn all about the bond requirements and process in this guide.
What Is a New Mexico Employee Leasing Company Bond?
A New Mexico employee leasing company bond holds professional employment organizations financially liable for following state rules and regulations.
Outsourcing human resources functions creates risk for clients of employee leasing companies. These surety bonds provide financial security and reinforce operational certainty.
How Much Do Employee Leasing Company Bonds Cost?
New Mexico employee leasing company bonds cost a small percentage of the $100,000 bond amount, typically 1–10%.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs an Employee Leasing Company Bond?
The New Mexico Regulation and Licensing Department requires all employee leasing companies, also known as professional employer organizations, to maintain a positive working capital.
Employee leasing companies without a positive working capital can submit a $100,000 surety bond to meet the financial security requirements.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a New Mexico employee leasing company bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file the bond with the Employee Leasing Program as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a New Mexico Employee Leasing Company Bond Work?
As with all surety bonds, an employee leasing company bond creates a legal contract between three parties:
- Principal: You, the employee leasing company owner(s) filing the bond
- Obligee: The New Mexico Regulation and Licensing Department, Employee Leasing Program requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding all applicable state statutes and the rules of the Regulation and Licensing Department.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your employee leasing company bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
