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.

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Frequent 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.

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.

Why you must avoid claims at all costs

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.

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