Self Insured Workers Compensation Bond
What is a Self Insured Workers Compensation Bond?
A Self Insured Workers Compensation Bond is a type of Commercial bond that ensures that self-insured employers pay workers’ compensation benefits as required by law, protecting employees from financial loss due to unpaid benefits.
Protects employees from financial loss due to the failure of self-insured employers to pay required workers’ compensation benefits.
Required by state governments for employers who choose to self-insure their workers’ compensation obligations rather than purchase insurance.
Applicant’s personal or business information, credit history, bond amount (determined by state requirements), and workers’ compensation self-insurance details.
Based on credit history and bond amount, usually 1-5% of the bond amount.
