Union Bond Guide
Why do you need a union bond?
You are required to get a bond to protect the union employees that you hire. If you do not pay the union employees their dues, a claim can be filed on your bond.
Wage and benefit bonds guarantee that a contractor will pay union wages and benefits when hiring union employees. Fringe benefit bonds guarantee the contractor will pay union benefits only, not the wages of the employees.
Yes. However, it can be difficult. Collateral is commonly needed for anyone with poor credit. You need to apply online to determine your approval terms.
As long as you are employing union workers. Union bargaining agreements generally last for one year, but this depends on the bond form and union.
It is possible, but there are not many sureties willing to do so unless they write other contract bonds for you as well. You must have very strong financial statements to qualify for a wage & welfare bond as a standalone request.
If you actively request bid and performance bonds you have a better chance of qualifying for high risk obligations that sureties would usually prefer not to write. A good agent will attempt to sell your whole account to the underwriter to ensure all of your needs are met. If your current agent is failing to do so, it may be time to contact a new agent.
Surety Bonds do not protect you
The bond is a form of insurance for your clients, which is why many businesses proudly list that they are bonded on their marketing material. However, you will be required to reimburse the bonding company should a claim be paid out.
Fidelity Bonds protect your business
You can protect your business from employee theft and fraud by purchasing a fidelity bond. You can read more in our fidelity bond section.
What's your bond cost?
Bond costs vary by applicant, bond amount, bond type & the agency you choose. You can get a general idea of costs using our Quick Estimate tool to the right or an exact quote instantly online!
Why our rates are so low
When it comes to surety bond insurance, there is safety in numbers. As the largest volume writer in the country, we are able to obtain the lowest rates from the strongest bonding company partners.
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Getting bonded can be intimidating. We can help you sort through it all! There are no dumb questions. Ask us whatever you need.
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