Non-resident employer bond cost
The Wyoming Department of Workforce Services requires non-resident employers to post surety bonds in varying amounts. The minimum required bond amount is $11,000, but the exact amount is determined by the amount of payroll a company is expected to have. The bond amount increases by $1,000 for every $10,000 over $20,000 in payroll that the company accrues. A list of required surety bond amounts can be accessed here. Applicants should verify their required amount of bond coverage with the state prior to bonding.
These bonds are subject to underwriting, so the price you’ll pay depends on a review of your personal credit report. Because the required bond amount and price can vary so much, the best way to find out exactly how much you’ll pay is to connect with our team of surety bond experts who will provide you with your free surety bond quote! submit a bond request to get started now! We can provide your free, no-obligation bond quote within 1 business day of submitting your application.
Why this bond
Wyoming non-resident employer bonds ensure that principals (employers) promptly pay and reimburse the Department of Workforce Services and Workers’ Compensation any and all premiums due to the division and promptly pay all wages due to the principal’s employees in connection with the contracted work.
The bond protects the state and employees from financial loss if the principal fails to comply with the letter of law and the terms of the surety contract.
Non-resident employer bond details
Non-resident employer bonds in Wyoming remain valid for 2 years. If the anticipated work has ceased before the expiration of 24 months or less than 50% of the largest work force is still working in Wyoming, the security deposited by the non-resident employer will be forfeited and retained by the Workers’ Compensation Division in an amount equal to the reserved amounts for compensable injuries to the nonresident employer’s employees. Put simply, the bond ensures the payment of wages to any employee employed in Wyoming.These bonds remain in full force and effect until canceled or violated.
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