In Arkansas, employee leasing firms are regulated by the state’s Department of Insurance. Under Section 8 of the Code which explains “financial assurances” for employee leasing companies, you are required to obtain a $100,000 surety bond.
Qualifying for the $100,000 Arkansas employee leasing firm bond requires a short surety bond application --- which we can begin with you over the phone --- but which will require your signature and that of a witness; and a credit inquiry. Our agency uses a “soft pull” which will not adversely affect your credit score.
In order to be approved for this bond through our agency, an applicant will need to have good credit credentials.
If approved, the premium for your employee leasing firm bond will be $1000.
Once the premium for your surety bond has been paid, we issue the bond to you immediately. The original bond will be mailed to you by the following business day. You’ll need to sign the original surety bond as Principal before filing with the Arkansas Department of Insurance. This original bond will also bear our signature as Surety, along with the raised seal.
At $1000 premium, the Arkansas employee leasing firm bond is issued for a one year period. The bond will renew on the anniversary of its issuance. An active surety bond must remain on file with the insurance department in order to be eligible to offer your services in Arkansas.
Our agency offers you the option --- which is entirely your decision to make --- to prepay your surety bond premium for up to 3 years. Prepayment of the premium lengthens the time between renewals and offers you a savings over year to year renewal of the premium.
The premium prepayment options and savings are as follows:
Section 9 of the same statutes deals with you the purpose of your surety bond. Although it goes into more detail than what we have hear, the bond protects against misconduct by an employee leasing firm which causes harm.
As Principal of your bond, you are liable to reimburse the surety for any claims paid against by the Surety against your bond, if such were ever to occur.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Arkansas.
Our agency also provides surety bonds nationwide.
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