A Wisconsin Unemployment Reserve Fund Bond is required by the state of Wisconsin because the principal has elected to discharge its monetary obligations incurred under the Wisconsin Unemployment Insurance Law by means of reimbursement financing.
What is the purpose of the Unemployment Reserve Fund Bond?
The bond is an agreement between three parties, namely the principal, the obligee (the state) and the surety company. The principal is required by Wisconsin Statutes to file a surety bond with the Treasurer of the Unemployment Reserve Fund of the State of Wisconsin to guarantee the payment of required reimbursements, together with any interest and any late filing fees. The amount of the bond shall be equal to 4% of the employer’s payroll for the year immediately preceding the effective date of the election, or the employer’s anticipated payroll for the current year, whichever is greater, as determined by the department.
How do I obtain a Wisconsin Unemployment Reserve Fund 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.