The Ohio Unemployment Compensation Bond is required by the Ohio Department of Job and Family Services for any nonprofit organization approved under division D of Section 4141.241 of the Ohio Revised Code that elects to become liable for payments in lieu of contributions.
What is the purpose of an Ohio Unemployment Compensation Bond and how much does it cost?
The bond states that the bondholder shall pay, including any applicable interest, according to the terms, provisions, and limitations of Section 4141.241, Ohio Revised Code, and of legislation amendatory thereof and supplemental. In order to find out the cost of the surety bond, all we need is the completed application.
The amount of the bond shall be equal to three percent of the organizations’ wages paid for employment as defined in section 4141.01 of the Revised Code that would have been taxable had the organization been a subject employer during the for calendar quarters immediately preceding the effective date of the election. The amount may also be established by the director with the limitation provided in the division of this section.
How do I obtain the Ohio Unemployment Compensation Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.