Union Bonds

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FAQ

• What do wage and welfare bonds cost?

• The cost varies for this class of bond more than most. Most bonding companies will only write these bonds for accounts they have written other contract bonds for (e.g. bid and performance bonds). As a standalone bond request, wage & welfare bonds are very difficult to get approved without some form of collateral being posted. You can get a broad spectrum of costs by plugging in some basic information in our estimate tool. If you have an immediate need, you will want to get a firm quote online.

• What is the difference between a wage and benefit bond and a fringe benefit 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.

• Can I get a union wage bond with bad credit?

• 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.

• Does a wage and welfare bond protect me from unions?

• No. They protect unions and in some cases the union members in the event you neglect to pay required union dues, benefits, and wages.

• How long do I need to have a bond in place?

• 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.

• Can I get approved without posting collateral?

• 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.

• Does it help if I've been bonded in the past?

• 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.

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