What is a Union Wage & Welfare 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. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here.
What will your bond cost?
Bond costs are a small percentage of the bond amount and vary by applicant, bond amount and bond type. You can get a general idea of costs using our instant cost estimate tool. If you're ready for a firm quote, you can apply and get 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 surety bond writer in the country, we are able to obtain the lowest rates from the strongest bonding company partners.
Frequently Asked Questions
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.
You must contact us immediately, as we have a team of claim specialists here to find a resolution for you. Keep in mind, it is crucial that you work with an expert in the surety industry. Learn more about how to ensure you choose the proper bond company.
You can take a look at our full list of license and permit bonds.
