A California LLC Employee/Worker Bond is a $100,000 surety bond put in place to protect workers from any issues concerning pay and benefits. This bond is necessary due to a lack of case law that deals with limited liability companies. As with other surety bonds, the Employee/Worker bond is essentially a three-party contract between Principal (your LLC), Obligee (the Contractor's State Licensing Board), and Surety, which provides both the bond and the financial backing.
Alongside this requirement, a $15,000 Contractor’s License Bond is also deemed necessary in the State of California.
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The premium you will pay is based off the applicant's credit score and, in some cases, personal and/or business financials. Those with good credit may expect to pay as little as 1.5% or less of the total bond amount (the bond amount for these being $100,000).
This bond is required for those seeking licensure in the State of California, as mandated by the California Business and Professions Code (Section 7071.6.5). It is one of several requirements that must be met if you want to operate your construction business as an LLC.
This bond is required by the State of California’s Contractors State License Board (CSLB). It is needed in conjunction with a $15,000 California Contractor License Bond, as well as general liability insurance.
The LLC Employee/Worker bond renews on an annual basis, for as long as the license is held, unless canceled or withdrawn from by the surety (see Article 13 [996.310 - 996.360] of California’s Code of Civil Procedure for further information regarding cancellation or withdrawal).
The ProSure Group is a bonding company that has been in the surety bond business since 1993. Our bond experts issue hundreds of millions of California surety bonds and license bonds all over the nation every year. We have exclusive partnerships with over 30 different surety bond companies. Our streamlined process ensures that you get the expertise you need in handling your bond needs while we strive to get you the best, most competitive bond pricing and terms available in the marketplace!
Related bonds The ProSure Group is happy to offer:
|License||California LLC Employee/Worker Bond||California Contractors State License Board
||$100,000||Get Bonded Now|