Colorado - FMLA Employer Self-Insured Private Plan — required surety bond in Colorado. Apply online in minutes.
The Colorado FMLA Employer Self-Insured Private Plan bond is a financial guarantee required for businesses that choose to opt out of the state's public Paid Family and Medical Leave Insurance (FAMLI) program. It guarantees that the employer will fulfill all financial obligations to pay required family and medical leave benefits to their eligible employees. If the employer fails to pay these authorized benefits, the bond provides a mechanism for the state to recover funds to cover the employee claims.
This bond is typically needed by Colorado employers who choose to self-insure their employee family and medical leave benefits rather than participating in the state-run FAMLI pool. Businesses seeking state approval to utilize a self-insured private plan must secure this bond as part of their authorization process.
The state requires this bond to protect workers and the integrity of the state's FAMLI fund. It acts as a safety net, ensuring that employees will still receive their rightful paid leave benefits even if the self-insured employer becomes financially insolvent or defaults on their obligations. By mandating the bond, the state mitigates the financial risk of private plan failures.
To get started, simply click the Apply Now button on our website. You will complete a secure online application that takes about five minutes. Once your application is reviewed and processed, your bond will be delivered directly to you by email.
Bond premiums vary depending on the required bond amount and the financial credentials of the applicant. To find out your exact cost, please submit a secure online application.
Required bond amounts vary from business to business based on workforce size and payroll. You must verify your specific required bond amount directly with the Colorado issuing agency before purchasing your bond.
Requirements vary depending on how your private plan is structured (fully insured versus self-insured). You should verify your specific requirements with the state to confirm if a surety bond is needed for your setup.
Noah Insurance Agency (814-718-0060) will contact you prior to your bond's expiration date with instructions on how to renew. It is important to maintain continuous coverage for as long as your self-insured plan remains active.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
Noah Insurance Agency · Licensed Nationwide