The Vermont Department of Labor is the regulatory body which licenses employee leasing companies. There is also a surety bond requirement.
The employee leasing surety bond amount required of you is as follows:
The requirement is as per 1033(7) of Title 21 of the Department of Labor’s legislation.
Qualifying for the Vermont employee leasing company bond is done by the following:
To be approved through agency, you’ll need good credit. The approval rate is at 1% of the amount required.
For surety bond amounts which are substantially higher than the minimum threshold, you may be requested to provide additional documentation (i.e. a financial statement). Typically, this is not the case.
Once your bond is approved and the premium is paid, our agency issues your bond along with a Power of Attorney (POA) form to you.
Upon receipt by mail, after signing your bond as Principal, you’ll file all related documents received to:
Vermont Department of Labor
Attention: Employee Leasing Program
P.O. Box 488
Montpelier, VT 05601-0488
Your employee leasing company surety bond is active for one year from the date of its issuance and will renew on the anniversary. Since you may require a different surety bond amount, for this bond we do not encourage prepayment of your premium.
Your employee leasing company bond is a financial guarantee of your compliance with 21 Vermont Statutes Annotated § 1036, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, probate and other surety bonds in Vermont and all 50 states.
Please call us today at:
Or, you may fill out the form below and a Surety Agent will contact you.