Vermont Employee Leasing Company Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of Vermont Employee Leasing Companies
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:
- It is a minimum of $100,000;
- OR, 5% of liabilities, whichever amount is GREATER.
The requirement is as per 1033(7) of Title 21 of the Department of Labor’s legislation.
Qualifying and the Premium
Qualifying for the Vermont employee leasing company bond is done by the following:
- Completion and signing of a surety bond application. We’ll begin the application with you over the phone, filling in much of it. However, you’ll need to complete, sign and have witnessed your application;
- An underwriter review which includes a business or personal credit inquiry. The inquiry is a “soft pull” which does not affect your credit score.
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
Surety Bond Term
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.
Purpose Of Your Surety Bond
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.
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Or, you may fill out the form below and a Surety Agent will contact you.