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This document serves as a bond agreement for self-insured entities in Arizona, ensuring that the Principal meets its obligations under the Arizona Workers\' Compensation Act. It includes terms regarding liability coverage, the obligations of Surety, the cancellation of the bond, and the process for handling claims and liabilities.
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How to fill out workers compensation guaranty bond

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How to fill out workers compensation guaranty bond

01
Gather the required information such as your business details and employee count.
02
Contact an insurance company or bonding agency that offers workers’ compensation guaranty bonds.
03
Complete the application form provided by the bonding agency or insurance company.
04
Provide any necessary documentation, such as proof of your workers' compensation insurance policy.
05
Pay the required premium for the bond, which is typically based on your business size and risk factors.
06
Review the bond agreement carefully before signing.
07
Receive the bond document and keep it in a safe place, as you may need to present it to authorities or clients.

Who needs workers compensation guaranty bond?

01
Businesses that do not carry workers’ compensation insurance may be required to obtain a workers’ compensation guaranty bond.
02
Employers in certain industries or those who operate in locations with strict workers' compensation laws may also need this bond.
03
Contractors and subcontractors who are mandated to have workers' compensation coverage as a condition of work may need it.
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A workers compensation guaranty bond is a type of surety bond that guarantees an employer's obligation to pay for workers' compensation benefits to their employees in case of work-related injuries or illnesses.
Employers who are required by state law to provide workers' compensation insurance coverage, particularly those who are self-insured or are in certain high-risk occupations, must file a workers compensation guaranty bond.
To fill out a workers compensation guaranty bond, the employer needs to provide their business information, the amount of the bond, and details about the surety company. It must be signed by the employer and the surety agent.
The purpose of a workers compensation guaranty bond is to protect employees by ensuring that funds are available to cover workers' compensation claims in case the employer fails to fulfill their obligations.
The information that must be reported on a workers compensation guaranty bond includes the name of the employer, the bonding company's details, the amount of the bond, and the coverage period.
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Workers' Compensation Guaranty Bond Surety Self-Insurer Arizona Workers' Compensation Act Liabilities Industrial Commission of Arizona Bond Cancellation Penal Sum Insurance

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