The Nevada Division of Insurance allows businesses with a minimum net worth of 2.5 million dollars to be self-insured workers’ compensation employers. In order to receive a Self-Insured Workers Compensation Certification, the employer must file a Self-Insured Employer Bond, also known as the Self-Insurer’s Surety Bond, with the Nevada Department of Business and Industry.
Jet Insurance Company provides the Self-Insured Workers’ Compensation Bond as a guarantee to the Division of Insurance that the business employer will fulfill applicable certification responsibilities, as well as abide by all workers’ compensation laws. If such obligations are not upheld, the surety bond will pay out restitution for financially damaged employees.
The custom bond limit is 105% of the employer’s expected annual claim costs or $100,000, whichever is greater. The Nevada Commissioner of Insurance will also consider the nature and financial status of the business when determining an amount.
After submission of your application for the Self-Insured Employer Bond, a Jet underwriter will conduct a quick review of your information. Our rates are a small percentage of the bond limit and your credit score; business financials may also be evaluated. Once all is complete, approved rates at monthly, annual, and multi-year options will be sent to you that are ready for immediate purchase.
The application for the Self-Insured Employer Bond can be conveniently completed online and only takes a few minutes of your time! Some general information that is required includes your contact details, the bond amount, and your social security number for a soft credit check (this won’t affect your credit score). Once all has been submitted, a Jet underwriter will review your application. If further info is needed, we’ll give you a call right away. Otherwise, approved rate options will be sent directly to your email. Just choose your preferred bond term and fulfill payment; a copy of your bond form and receipt will be sent to you once this last step has been completed. It’s that easy!
Jet can file your Self-Insured Employer Bond for you, but if you would prefer to take care of the filing yourself, this option may be selected upon checkout. The original signed and sealed surety bond must be filed with the Nevada Department of Business and Industry, specifically the Division of Insurance.
All required documents, including the Certification Application, should be sent to the mailing address below.
Nevada Division of Insurance
Department of Business & Industry
1818 East College Pkwy., Suite 103
Carson City, NV 89706
Further details regarding qualifications for the program can be found listed on the Division of Insurance’s “Eligibility and Application Instructions” webpage.
Our monthly plan allows your bond to remain active as long as payments are made so you won’t have to worry about renewals. Otherwise, Jet’s annual and multi-year bondholders will receive a renewal invoice prior to the bond term expiration date. Just fulfill standard payment and your bond will stay active and on file with the Nevada Division of Insurance for another term.
It is important to note that if the Commissioner of Insurance revokes your certification for any reason, your Self-Insured Employer Bond must remain active for 36 months following the revocation date. Otherwise, your bond can be cancelled if you simply wish to not be a part of the program anymore.
If you need to cancel your bond with Jet, you can do so at any time by simply sending us a written cancellation request to firstname.lastname@example.org and we will begin the process. A Jet team member will notify the Nevada Division of Insurance of your bond termination. Once received, the Commissioner will officially cancel and release the Self-Insured Employer Bond’s liability within 90 days.
Monthly bondholders will have to continue making payments during the cancellation period as your bond is technically still active. Your account will cease once the last required payment has gone through. As for those who purchased the bond in full and cancel early, Jet will review the time left on your bond to determine if any premium is available for reimbursement. If there is any unused premium, you will receive a refund as soon as the liability period has ended.
Qualified business owners can choose to participate in the Nevada Division of Insurance’s Self-Insured Workers Compensation Program as a self-insured employer or they may join a self-insured group/association; either way, the custom Self-Insured Employer Bond and certification are required. Once these requirements have been fulfilled, the employer must follow all rules and regulations pursuant to Chapters 616A, 616B, 616C, and 616D of the Nevada Revised Statutes.
The employer is responsible for compensation and medical expenses due to employees that have been injured or have developed an occupational medical condition on the job. Failure to comply with these obligations is subject to a bond claim. Damaged employees may file an official complaint with the Commissioner of Insurance, and if the program violation is found to be valid, a mandatory hearing will be held to determine the employer’s penalties. If the employer is unable to or refuses to pay an employee’s claim after an order for payment has become final, the Commissioner will file a claim on the Self-Insured Employer Bond to cover costs faced by the damaged party.
Before Jet pays out on the claim, we will need you to provide us with all available information and documentation regarding the accused violation. Our own investigation will be conducted to ensure the claim is valid and no malfeasance has occurred.
If the claim is justified, Jet is obligated per the Self-Insured Employer Bond form to make payment up to the bond limit (payouts will never exceed your bond amount). You, the employer, are responsible for your actions and must reimburse Jet for the claim payout made on your behalf. An omission to do so will lead to future difficulties in obtaining surety bonds in the State of Nevada, which are typically required of business owners throughout various industries.