The Pennsylvania Unemployment Compensation Bond is required by the Pennsylvania Department of Labor & Industry. The bond states that the bondholder shall pay all monthly or quarterly bills for unemployment compensation benefits.
A company that elects to make payments in lieu of contributions under Article XI of the Pennsylvania Unemployment Compensation Law. Instead of depositing money or securities with the commonwealth they elect to furnish a surety bond.
This bond does not protect the bondholder (principal). Instead it assures the state that the principal will faithfully comply with their obligations to the state. Payment on all monthly and quarterly bills must be made within 30 days. The Surety Company will be liable, up to the amount of the bond, for any unpaid bills. The bondholder will then be responsible for paying the surety back.
Getting a Pennsylvania Unemployment Compensation Bond is easy. Representing over a dozen surety markets, Surety1 can get you the bond you need at a competitive price. For most applicants this bond will be issued without pulling credit.
Start the process by completing our easy-to-navigate, online application form. Next, one of our licensed agents will contact you with a no-obligation quote on the bond premium. After that, we will have you sign the agreement and pay the premium payment. Then your Unemployment Compensation bond will be sent out by USPS Priority Mail. Overnight delivery is available for an additional fee.
Surety1 has been issuing surety bonds in Pennsylvania since 2003. We maintain an A+ rating by the Better Business Bureau for our outstanding customer service.
Call us toll free at 877-654-2327. We have live surety bond agents available Monday – Friday, 8:00 – 4:30 PST. We’re glad to help.