The State of West Virginia Division of Labor requires a Wage Payment Collection Bond so that every employer, person, firm or corporation engaged in or about to engage in construction work, or the severance, production, or transportation of minerals, shall furnish a bond to protect the wages and benefits of their employees before engaging in these activities.
Who need to file a West Virginia Wage Payment Collection Bond?
This surety bond is for companies involved in construction, mining, and the transportation of minerals. Some companies are exempted in filing this bond. See below,
- Companies that have been in business in another state for 5 years.
- Companies that have been in business in West Virginia, with employees, for a period of at least 1 year.
- Companies that do not have employees physically working in West Virginia.
- Companies that report $100,000.00 or more in available assets.
- Companies that are engaged solely in the construction of single family dwellings and/or family farming enterprises.
- Companies that are a subsidiary of a parent company that has been in business for 5 years.
What is the bond amount that must be paid?
The amount of the bond is calculated using the employer’s gross payroll in West Virginia for a period of four weeks, plus an additional 15%.
How do I obtain a West Virginia Wage Payment Collection 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.