Oregon Private Employment Agency Bond
Private Employment Agencies are responsible for securing a job for an individual for profit. They do this using various media including pamphlets, cards, socials, among others. It may be for any field of employment, from accountancy, medicine, education, and technical.
The presence of these private agencies ease the difficulty of looking for a job for those who are capable of investing money for financial stability. Before these companies are able to operate in the state of Oregon, they are first required to have the Oregon Private Employment Agency Bond.
What is the Oregon Private Employment Agency Bond?
The Oregon Private Employment Agency Bond ensures that a Principal (a business who will apply for the bond) will be ensured that a surety bond company will pay for the needed compensation in the case of the company’s violation to comply with a licensing law with the grounds stated on the bond form. Aside from paying for the needed compensation, the surety bond company will also be responsible for reviewing claims from the public to see if it is valid for compensation.
The Principal, or the business, however, is still responsible for the financial loss that the Surety Bond Company will face in the case of the former being sued. The former will be required to compensate the latter for any type of payments were made as long as it is within the grounds of the bond. If the Principal fails to do so, their license may be suspended.
Why do you need the Oregon Private Employment Agency Bond?
Securing your own licensing bond also ensures that:
- The reputation of the company are bettered
- Your financial security and credential are secured and boosted
- Your line of credit at your disposal
- The confidentiality of your activities (unless requested by law)
- Your access to professional advice counseling from lawyers, estimators, and similar professionals.
How does the bond work?
The parties in the agreement are the Principal (private employment agency or permittee), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Bureau of Labor and Industries (BOLI) and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does it cost?
The employer’s credit score, industry experience, business history, and the surety provider’s background are determining factors. The cost is between 1% and 5% of the total amount of the bond.
How can I secure the Oregon Private Employment Agency Bond?
Transact with a reputable surety company today and secure your Oregon Private Employment Agency Bond the fast and easy way. If you have more questions or are in need of more information, get in touch with us today.
Make sure you have gathered and provided accurate information on the following for the speedy processing of your application:
- Nature of your business
- Credit Score
- Financial strength
Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond. Once the assessment is done, we will promptly issue your bond and send it your way!