What’s the New Surety Bond Requirement?
The new Missouri bill, titled HB 1719, requires a Professional Employer Organization (PEO) or PEO groups to maintain a positive working capital. If the PEO or the group fails to do this, then it may provide a surety bond or other security in an amount sufficient to make up the deficiency, plus $100,000. The bond secures the PEO’s payment of all taxes, wages, benefits, or other entitlements due to or with respect to covered employees. The new law also addresses occupational licensing reform.
Why Choose JW Surety Bonds?
We are the nation’s largest volume bond producer, and provide the lowest rates in the industry. It’s also crucial that you understand that you’re responsible to pay any claims filed on your bond. When you partner with our company, you will have a dedicated claim specialist assigned to your account to ensure claim payouts are either reduced or avoided all together.
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If you’re ready to get a surety bond for this newly increased bond requirement, you can simply apply online.