Employee leasing companies, also known as professional employer organizations (PEO), can file a $100,000 surety bond to the Nevada Department of Business and Industry if they have not been operating long enough to provide an audited financial statement. The Employee Leasing Company Bond is used as a financial guarantee that the PEO will complete all due payments they are bound to.
Jet Insurance Company offers the bond for PEO’s to aid the Division of Industrial Relations (a sector of the Department of Business and Industry) in its mission to keep Nevada citizens and workers healthy and safe. If a professional employer organization fails to provide fulfill payments, like wage payments or contributions to benefits, claims can be filed on the bond for reimbursement.
The cost of the Employee Leasing Company Bond must be approved through underwriting. After a short review of your application, you will receive an email with an approved rate that you can purchase right away. The price you pay will only be a small percentage of the $100,000 bond limit.
In your emailed quote, you will be able to purchase the bond for a one-year term or more, depending on what is best for you. Jet’s exclusive monthly option may also be available, breaking up your payments to a fraction of the annual cost.
Applying for an Employee Leasing Company Bond is easy with Jet! Our application takes you through each step, only asking for the information necessary to provide you a quote. This includes your social security number (used for the soft credit check) and financial statements.
Once your application is submitted, a Jet underwriter will review your application. When it is ready, your quote will be emailed to you. A digital copy of your bond and a receipt will be sent to you after purchase.
Yes! If you need to file it yourself, possibly with the application for your certificate of registration, you can request to do so when paying for your bond.
The original bond form must be submitted to:
Nevada Department of Business and Industry
Division of Industrial Relations
Workers’ Compensation Section
400 West King St, Ste 400
Carson City, NV 89703
Yes, Jet can provide a refund on bonds that were cancelled prior to the end of their term. If you need to cancel your bond, send Jet an email at email@example.com to get the process started. Our team will notify the Department of the cancellation and they will begin the 30-day cancellation period.
Once the bond is officially cancelled, Jet will calculate any remaining time on the bond into a refund. If the bond was purchased on monthly payments a refund is not available, but payments will end after the Department releases Jet from liability.
Renewing your bond only takes a minute with Jet. You will receive a mailed and emailed renewal notice. Just fill out the notice and submit payment to keep your bond active. If any additional information is needed, we will be sure to let you know.
Those utilizing monthly payment plans are not required to renew the bond; every month’s payment keeps the bond active with the Nevada Department of Business and Industry.
Essentially, the professional employer organization must complete all payments they are obligated to pay, including benefits, wages, and taxes. A shortcoming in this aspect or a violation of the Nevada Revised Statutes, Chapter 616B.670–697 can cause financial harm that will lead to a claim on the bond. Any party who has suffered damages can lay claim on the bond, whether it’s the Department for a lack of tax payments or an employee that didn’t receive wages.
Contact Jet right away if you receive a claim. Our team will investigate the claim to make sure you are not falsely accused. However, if it is found to be true, Jet must make the payment as restitution for your failure to provide the required funds. Since this payment is made as a result of your actions and on your behalf, you are responsible for paying Jet back.