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How much does a nonresident employer bond cost in Wyoming?
The Wyoming Department of Workforce Services requires nonresident employers to post surety bonds in varying amounts. Nonresident employers paying wages exceeding $4,000 per month must post a minimum $8,000 surety bond. The bond amount increases by $2,000 for each $1,000—or increment thereof—in excess of $4,000. Applicants must verify their required amount of bond coverage with the state prior to bonding.
These bonds are subject to underwriting, so the cost is based on a review of your qualifications. Because the required bond amount can vary so much, the best way to find out exactly how much you’ll pay is to request your personalized surety bond quote online.
Call 1 (800) 308-4358 or submit a bond request to get started now! We can provide your quote within one business day.
Why do I need this bond?
Wyoming nonresident employer bonds ensure that principals (employers) promptly pay and reimburse the Department of Workforce Services and Workers’ Compensation any and all premiums due to the division and promptly pay all wages due to the principal’s employees in connection with the contracted work.
The bond protects the state and employees from financial loss if the principal fails to comply with the letter of law and the terms of the surety contract.
What’s the fine print?
Nonresident employer bonds in Wyoming remain valid for two years. If the anticipated work has ceased before the expiration of 24 months or less than 50% of the largest work force is still working in Wyoming, the security deposited by the nonresident employer will be forfeited and retained by the Workers’ Compensation Division in an amount equal to the reserved amounts for compensable injuries to the nonresident employer’s employees. Put simply, the bond ensures the payment of wages to any employee employed in Wyoming.
These bonds remain in full force and effect until canceled or violated.