Michigan Continuous Surety Bond (Self Insurer) is a type of surety bond that is required by the State of Michigan for employers who self-insure their workers' compensation coverage. It is essentially a guarantee from an employer to the state that they will pay out any workers' compensation claims that are made against them. The bond is continuous, meaning it lasts for the duration of an employer's self-insurance policy. There are two types of Michigan Continuous Surety Bonds (Self Insurer): the Initial Bond and the Renewal Bond. The Initial Bond is required when an employer first begins self-insuring their workers' compensation coverage, and it must be renewed annually. The Renewal Bond is required for all subsequent years of self-insurance, and it must be renewed annually as well. Both bonds must be in the amount of $100,000 for each self-insured employer. The bonds are provided by a surety company and must be approved by the State of Michigan.
Michigan Continuous Surety Bond (Self Insurer)
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