What are LLC Employee/Worker Surety Bonds?
As of January 1st, 2012, contractor businesses operating as a Limited Liability Company (LLC) are required to post a $100,000 surety bond under Contractor License Law. This surety bond is commonly referred to as a LLC Employee/Worker Bond, and it guarantees payment to individuals employed by said contractor. Additionally, the surety bond covers interest on wages, fringe benefits, welfare fund contributions and apprentice program contributions.