Employee leasing companies in North Carolina are regulated by the North Carolina Department of Insurance – Financial Evaluation Division.
In addition to other licensing requirements, North Carolina employee leasing companies must furnish the Department with evidence of a current surety bond.
AmeriPro Surety Bonds explains and provides the North Caroline employee leasing bond in the amount required of you, either as a new/ first time or renewal surety bond.
According to §58-89A-50 of the North Carolina statutes, the amount of the North Carolina employee leasing bond is $100,000.
If, however, your assets do not exceed your current liabilities as determined by an audited GAAP financial statement, an additional surety bond is required equal to your liabilities subtracted from your current assets.
For those for whom it applies, this second surety bond would be in addition to, not instead of the $100,000 surety bond.
As a broad general rule, the premium for the North Carolina employee leasing bond may be as little as 2% of the surety bond amount required.
However, as an applicant, you may be required to pay more based upon information you provide in your surety bond application as part of the underwriting process; and, your credit score is perhaps the biggest factor.
AmeriPro Surety Bonds will work to find you the best overall surety bond pricing suited for you.
Once issued, this employee leasing bond is active for one year from the date of issuance; thereafter, the bond must be renewed.
The North Carolina employee leasing bond is a financial guarantee that you will be in compliance with all state rules and regulations governing employee leasing in the state.
More specifically, according to Chapter 58 – Article 89A, this surety bond serves as a guarantee that up to the bond’s face amount, both unpaid liabilities and other obligations will be guaranteed. Similar wording is also found on the surety bond itself.
While the bond is required of you, its benefit is solely for others and the state of North Carolina; it is not a liability insurance policy.
And, as principal of this bond, you are ultimately responsible for reimbursing the surety for any claims paid against your bond---if that were ever the case.
AmeriPro Surety Bonds provides license and permit, contractor, court, and fiduciary surety bonds throughout North Carolina. Our agency also provides surety bonds nationwide.
We look forward to providing with you the best servicing and pricing for your bond.
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