West Virginia Wage Payment Collection Bond
AmeriPro Surety Bonds | 844-589-9732
West Virginia – Wage Payment Collection
The West Virginia wage payment collection surety bond is required of employers who are engaged in:
- Construction work in West Virginia;
- Or, the production, transportation or severance of minerals.
There is no preset surety bond amount. Instead, the Division of Labor will tell you the amount of surety bond you are required to furnish. You, in turn, will provide us with that amount when you call.
Qualifying and the Premium
Qualifying for the West Virginia wage payment collection bond involves the following:
- Completion of a surety bond application. We can pre-fill a good amount of the application for you over the phone; however, you will be required to complete the application, sign it and have it witnessed (the application does not need to be notarized);
- A review by an underwriter which includes a credit score inquiry (personal or corporate).
To be approved, you will need to have good credit and the rate will be 2% of the surety bond amount required.
Once the bond has been approved and the premium paid, our agency issues the bond to you immediately. We will have the bond notarized as Surety, and upon your receipt, you will have it notarized as Principal. Along with the bond documents will be the Power of Attorney form which you’ll also file.
The filing of your completed surety bond is to:
West Virginia Division of Labor
Building 6, Room B-749
Charleston, West Virginia 25305
Premium Prepayment Options
At 2% of the bond amount required, your wage payment surety bond is active for one year from the date of issuance. Thereafter, the bond renews.
Whether or not your bond amount will vary from year to year will be known by you and the Division of Labor, not our agency. However, the option exists to prepay your surety bond for up to 3 years, thereby offering you a savings over annual renewals.
You should keep in mind, however, that the prepayment option “works” best if the surety bond amount is the same. If it is not, then it is better to pay your bond annually, as the amount of surety required in subsequent years may be different.
Purpose of Your Bond
For the industry it covers, the purpose of this surety bond requirement is to ensure that you observe all laws in the payment of wages and fringe benefits.
More specifically, the bond is a guarantee of your compliance with the Wage Payment and Collection Act.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide wage payment surety bonds anywhere in the country where it is required.
Our agency also specializes in facilitating acquiring license and permit bonds in all 50 states. Please call our agency today at:
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