Employment agencies which operate in New York City are regulated by the city’s Department of Consumer Affairs.
As one of the conditions for licensing, employment agencies operating in the city must obtain a surety bond. The law states that the surety bond required will be in one of two amounts.
New York City employments agencies are required to post a surety bond, but the surety bond amount required will depend on the country of origin of employees recruited.
The purpose of the employment agency bond is to act as a financial guarantee that NYC employment agencies will abide by all rules, statutes, and regulations congruent with their professional conduct.
More specifically, the bond protects others, not the employment agency, from acts of fraud, theft, criminal misconduct committed by a licensed employment agency in matters relating to their business operations.
This surety bond’s existence allows those others who can substantiate their allegations to file claims against the filed bond to recoup financial losses up to the bond’s aggregate amount.
Were a claim to be filed and paid on the surety bond, it would be the financial responsibility of the principal (that is, the NYC employment agency) to reimburse the surety for all costs involved in satisfying the claim.
The premium paid for both the $5,000 and the $10,000 employment agency bond will not be greatly different and are fortunately nowhere near those dollar amounts.
Premiums amounts will be determined by an application, and may be as low as less than $200 for two years.
Qualifying for this surety bond is rather easy.
When you speak with us at AmeriPro Surety Bonds, the application can be taken directly over the phone.We will take about 5 minutes of your time.
Turnaround times for the determining the bond premium can be just a few short hours.
Once paid, the bond is sent to you immediately. An email copy can be provided for your records for immediate view; however, the Department will only accept an original of the bond, which also must be signed by you.
AmeriPro Surety Bonds is a surety bonds only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout the New York state.
Our agency will also work with you to provide surety bonds anywhere in the country.