Overview of Bonding Requirements for Talent Agencies in California
Talent agencies and fee-related talent services in the state of California are required to obtain a type of surety bond known as a talent agency bond as part of their licensing requirements. The bond acts as protection for your clients in case you engage in unethical business practices as outlined in Chapter 4, Part 6, Division 2 of the Labor Code.
Breaking the law can trigger a claim against the bond, which then will provide compensation for third parties negatively affected by unlawful actions.
Need a talent agency bond? Bryant Surety Bonds can help you get bonded in no time. You can start your application process straight away or continue reading for more useful information.
For any questions you have, feel free to contact us at 866.450.3412.
California Talent Agency Bond Cost
You can use the surety bond cost calculator on the right to get an estimate of your bond cost. The amount required for both talent agencies and fee-related talent services is $50,000. This number refers to the maximum protection the bond offers to claimants.
To get bonded, you need to pay an annual premium to the surety bonds company which signs your bond. The surety company will evaluate your credit report and give you a quote based on the estimated risk you pose. The most important factor from your report is your credit score. The higher it is, the lower score you pay. The table below can help you get an idea of your likely premium based on the credit bracket you are in.
|Bond Name||Bond Amount||Above 700||Between 650-699||Between 600-649||Below 599|
|California Talent Agency Bond and Fee-Related Talent Services Bond||$50,000||$375-$750||$500-$1,250||$1,250-$2,500||$2,500-$5,000|
As you can see, those with a score above 700 may pay a premium as low as 1% a year, but those with bad credit might need to pay up to 10% per year. If your credit score is low, but you have strong finances or a lot of experience in the field, these are factors that can help you get a lower premium.
Find out more about these factors with our surety bond cost guide.
Bad Credit Program
Bryant Surety Bonds offers an exclusive Bad Credit Program for applicants with bad credit (650 or below). Through our partnership with over 20 A-rated and T-listed bonding companies, we will not only make sure you can get bonded despite your credit score, but that you can do so at the lowest possible rate.
Our surety agents will work closely with you, providing personalized advice on how to make your application stronger to get a lower rate.
Apply for a Free Quote Today!
Now that you have the facts, it’s easy to get your California talent agency bond. Simply submit our one-page online application and we will contact you with your free no-obligations quote.
We’ll contact you for ownership information for your business, and let you know what additional paperwork we need. Don’t worry, we do most of the paperwork for you and the whole process is simple and straightforward. In fact, we offer one of the fastest turnarounds, so you surety bond will be issued and mailed to you within 48 hours.
Where to Submit Your Talent Agency Bond
Once you pay your quote, you will receive the original bond form by mail. You will need to mail that to:
Department of Industrial Relations
Division of Labor Standards Enforcement
Licensing and Registration
P.O. Box 420603
San Francisco, CA 94142
If you want to keep copies, you can request to receive one either by email or fax.
Remember that these bonds are valid for one year after the date they are issued, so you will need to renew your bond annually in order for your license to remain valid.