What is a Wyoming Nonresident Employer Bond?
Non-resident employers in the State of Wyoming who are expected to pay more than $10,000 per month in wages or $120,000 in wages annually is required to file a surety bond with the Director of the Department of Employment.
This requirement is enforced by the Wyoming Department of Workforce Services in pursuance of § 27-1-106 of the Wyoming Statutes Annotated.
Non-resident employers are those who have not lived in the State of Wyoming for one year before starting a business in the said state.
What is the bond amount?
The minimum bond amount is $11,000. An additional $1,000 is required for every $10,000 in excess of $20,000.
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the Nonresident Employer bond conditions?
- The surety bond should be issued by a corporate surety who is authorized to conduct business in the State of Wyoming such as Surety Bond Authority
- The surety bond will be made payable to the State of Wyoming
- The Non-resident employer is obligated to comply with § 27-1 of the Wyoming Statutes Annotated, the rules and regulations of the Wyoming Department of Workforce Services, and all the other applicable rules
- The Non-resident employer is obligated to faithfully pay the wages of his or her employees working in Wyoming, and all other payments required by the Wyoming Worker’s Compensation Act
- In case of a valid violation committed by the Non-resident employer, the aggrieved party will be eligible to file a claim on the bond
- The bond will remain valid for 2 years
- If the work stopped prior to the 2-year validity period of the bond, or less than 50% of the largest workforce is still working in Wyoming, the surety bond shall be forfeited by the Workers’ Compensation Division
How can I obtain a Non-resident Employer bond?
In order to secure this type of bond, the Non-resident Employer must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Are you ready to get started on this bond? Apply here!