West Virginia Professional Employer Organization Bond Guide
If you’re opening a professional employer organization in West Virginia, you’ll likely need this surety bond.
Bond Overview
- Purpose: To provide financial security and operational certainty for PEO clients
- Who Needs It: Providers of outsourced HR and payroll services in West Virginia
- Regulating Body: The West Virginia Insurance Commissioner's Office
- Required Coverage: $200,000
- Premium Rate: $200–$2,000 based on credit score
Learn all about the bond requirements and process in this guide.
What Is a West Virginia Professional Employer Organization Bond?
A West Virginia professional employer organization (PEO) surety bond holds PEOs liable for the following:
- Meeting state regulations and licensing requirements
- Handling worker’s compensation policies properly
- Managing payroll services responsibly
- Fulfilling employer contracts
The West Virginia Insurance Commissioner's Office requires this bond as part of the licensing process to protect the state and PEO.
How Much Do PEO Bonds Cost in West Virginia?
West Virginia professional employer organization bonds cost a small percentage of the $20,000 bond amount, typically 1–10%.
For example, qualified applicants could pay as low as $200. 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 a PEO Bond?
The West Virginia Insurance Commissioner's Office requires a PEO license for any business that provides long-term HR services, such as payroll processing, benefits administration, compliance support, and more.
All applicants must also maintain a positive working capital of at least $100,000. If you do not meet this threshold, you can submit a $100,000 surety bond instead as a financial guarantee.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a West Virginia professional employer organization 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 Insurance Commissioner's Office as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a West Virginia Professional Employer Organization Bond Work?
As with all surety bonds, a PEO bond creates a legal contract between three parties:
- Principal: You, the professional employer organization filing the bond
- Obligee: The West Virginia Insurance Commissioner's Office requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding all provisions of the West Virginia PEO Act.
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 PEO bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
