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Platinum Bonds Insurance Agency

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Wage Bond

Every employer engaged in construction work (including HVAC contractors) or the severance, production, or transportation of minerals who has not been in business in West Virginia for at least one year Required when: Prior to engaging in construction work or obtaining a contractor license with employees Exemptions: Emp…

Bond amount"115% of the gross payroll for four weeks at maximum capacity or production (ca…
State or jurisdictionWest Virginia
ObligeeWest Virginia Division of Labor

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

Amounts can vary

Selected requirement: "115% of the gross payroll for four weeks at maximum capacity or production (ca…. Other available requirements: "115% of the gross payroll for four weeks at maximum capacity or production (calculated as 4 weeks of wages plus 15%)". Exact options still depend on the obligee, state, and underwriting.

Google icon5.0 ★★★★★Google review profileBBB iconBBB A+ AccreditedView the agency profile
2323 yearsHelping clients and agents
Overview

What it is.

Every employer engaged in construction work (including HVAC contractors) or the severance, production, or transportation of minerals who has not been in business in West Virginia for at least one year Required when: Prior to engaging in construction work or obtaining a contractor license with employees Exemptions: Emp…

Who usually needs it

Every employer engaged in construction work (including HVAC contractors) or the severance, production, or transportation of minerals who has not been in business in West Virginia for at least one year

Pricing & timing

What to expect.

Generic pricing

Payment bonds guarantee that a contractor will pay subcontractors, laborers, and material suppliers. Typical Pricing:. • Small contracts: Commonly around 1–5% of the contract value. • Larger contracts: Rates generally scale lower as contract size increases. • Payment bonds: Often paired with performance bonds at a combined rate. • Full underwriting required: Credit, financials, experience, and bonding history reviewed. Payment bonds are required on most public projects alongside performance bonds. The Miller Act requires payment bonds on all federal projects over $150,000. Rates may vary based on risk factors.

Your quote determines the actual premium.

Typical timeframe

Full underwriting required — typically 3–5 business days

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

Platinum Bonds

Experience behind every bond.

Helpful guidance, a real agency team, and a clear path from research to application.

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“Finally a company that understands what customer service is supposed to be.”

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“My bond application was processed and received very quickly.”

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“I highly recommend you do business with these folks.”

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BBB A+ Accredited

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23 years

Offering service to clients and agents alike.

Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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