New Jersey-based employee leasing companies are regulated by the state’s Department of Labor and Workforce Development.
It will be the Department which will determine whether or not you are required to obtain a surety bond and for how much.
AmeriPro Surety Bonds will facilitate that employee leasing surety bond amount between $10,000 to $100,000.
Employee leasing companies must be able to show, through financially audited statements, a positive working capital. According to the Department, a positive working capital is defined by your net assets minus liabilities (essentially, net worth).
Based upon this criteria, the department will tell you the amount of surety bond that you are required to obtain, if it is required at all.
Companies and persons who are required to obtain a New Jersey employee leasing bond will be required to complete a surety bond application.
The cost of the surety bond will be determined by the following criteria:
As a broad and general rule, an applicant with good credit may pay as little as 1% of the bond amount required; however, we emphasize that the amount that you will pay will be determined by an application and a credit score, and therefore may vary somewhat from this general rule.
AmeriPro Surety Bonds will work to find you the best overall surety bond pricing.
Once issued, the bond will be active for one year from the date of issuance. If you are required to renew the bond (again, as determined by the criteria above), the bond will be renewed in an amount that will be determined by the Department of Labor and Workforce Development.
The New Jersey employee leasing bond is required as a financial guarantee which ensures your compliance with all laws and statutes governing employee leasing companies.
The bond protects others --- the Department and the people of the state of New Jersey --- from acts of fraud, theft, or criminal malfeasance or misfeasance and which demonstrably causes some real harm.
As principal of this bond, it is not an insurance policy. This means that should a claim be paid against your bond, you must reimburse the surety for all costs and fees involved in the settlement of the claim.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey.
We also provide surety bonds nationwide.
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