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Surety Bonds

The Top 3 ERISA Fidelity Bond Questions Answered

Question 1: What is an ERISA fidelity bond and why do I need it?
The Employee Retirement Income Security Act, referred to as ERISA, provides specific guidelines and standards for employee benefit plans for the private sector and for individuals who manage and control their own assets and investments. The U.S. Department of Labor manages ERISA in order to ensure the …

 

barber shop surety bonds

Barber Shop Surety Bond Explained

For those who are thinking about starting up a business, many legal to-do’s must be checked off before assisting clients. If someone wants to open a barber shop, there are some steps that need to be taken first such as getting bonded.
Similar to all other surety bonds, each state has its own bonding requirements, although the three parties of the bond …

 

Who needs an Electrical Contractor Surety Bond?

Almost every state requires an electrician to be bonded, licensed, and insured. Without a bond, a license will not be granted. The bond guarantees  that the contractor will comply with state requirements that protect the public. A bonded and insured electrical contractor means the public is protected from any fraud or misconduct imposed by the electrician. This bond type is an agreement …

 

4 Steps to a CA Immigration Consultant Bond

Any company in California that does business as an immigration consultant must file a surety bond before consulting clients. This bond must be obtained in order to file for and to receive a license. A bond must be posted as a part of the licensing process.
This surety bond protects the client that is financially and/or legally  affected  from …

 

A Guide to Parking Lot Tax Bond

Businesses that engage in operating parking lots are required to get a parking lot tax bond. The bond ensures that loss from theft, damage, and taking of a vehicle that is in custody of the parking lot owner/operator will be repaid to the customer. Each city and county within a state requires a particular form of a parking lot tax …

 

car wash surety bonds

A Car Wash Surety Bond Explained

Employees Benefit from this Bond
Car washes need to be bonded with a car wash bond in order to comply with state, city, or county laws and regulations. Employees benefit from this bond since it protects employees from their employers taking advantage of them financially and legally. With this bond, employees are guaranteed full earned wages, fringe benefits, gratuities, and interest. …

 

Benefits of a Wage & Welfare Surety Bond

Unions require this bond in order for them to be able to negotiate collective bargaining agreements with companies. If a union member does not abide by the obligations stated in the bond, the bond amount can be used to repay claims for wages, salaries, fringe benefits and compensation for services. Union dues and benefits are guaranteed to be paid by …

 

Advance Payment Contract Bond

A contractor provides this type of bond which guarantees that the contractor will repay or settle the cash paid in advance by the owner of the contract.
An advance payment  surety bond assures the owner of the contract the contractor will fulfill his/her promised duties. A bond tells clients the contractor is legal and allows clients to be assured they …

 

What is a health club surety bond?

In many states, health clubs must be bonded. This type of bond protects customers of the health club. Protection includes the fees paid for a membership will be repaid if the gym shuts down. If the gym shuts down, the bond will repay the fees paid by the member. Health club owners are required to be bonded so if  any fraudulent …

 

Texas Debt Management Services Bond

Many states require a Debt Management Services Surety Bond for businesses that advise clients to make choices that impact their financial well being. This surety bond guarantees the protection against the principle in the case of fraudulent or illegal advice given by the principle. Also, businesses that advise others on financial situations such as credit repair, home loan modifications, and …