State Accident Insurance Fund (SAIF) – Employer Bond

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State Accident Insurance Fund (SAIF) – Employer Bond (INDIVIDUAL)
State Accident Insurance Fund (SAIF) – Employer Bond (PARTNERSHIP)
State Accident Insurance Fund (SAIF) – Employer Bond (CORPORATION or LLC)

Introduction

The State Accident Insurance Fund (SAIF) is a not-for-profit, state-chartered workers’ compensation insurance company serving employers and employees throughout Oregon. Established in 1914, SAIF plays a central role in promoting workplace safety and ensuring that injured workers receive the medical care and wage replacement benefits they are entitled to under Oregon law.

Employers who choose SAIF as their workers’ compensation insurer are taking part in Oregon’s effort to create safer workplaces and protect employees from the financial consequences of work-related injuries or illnesses. In some cases, particularly when an employer is new, self-insured, or considered high-risk, SAIF may require the employer to furnish a surety bond—commonly known as the SAIF Employer Bond.

The State Accident Insurance Fund (SAIF) – Employer Bond?

The State Accident Insurance Fund (SAIF) – Employer Bond is a surety bond required by the Oregon Workers’ Compensation Division for certain employers in Oregon. This bond is typically mandated for businesses that have been authorized to carry their own workers’ compensation coverage (self-insurance) or have specific risk-related compliance conditions when obtaining coverage through SAIF Corporation, Oregon’s not-for-profit workers’ compensation insurer.

Purpose Of The Bond

The bond serves as a financial guarantee that the employer will:

• Pay all workers’ compensation premiums and assessments due to SAIF Corporation

• Remain compliant with Oregon’s workers’ compensation laws under ORS Chapter 656

• Fulfill financial obligations related to claims and benefits owed to injured workers

If the employer fails to meet these obligations, SAIF or the state can make a claim against the bond to recover losses.

Who Needs The Bond?

Employers may be required to post a SAIF bond if they:

• Are newly insured through SAIF and do not have an established payment history

• Have a high-risk classification or history of non-compliance

• Are self-insured and must provide financial security to back their risk

• Are required by the Oregon Department of Consumer and Business Services (DCBS) to furnish a bond as a condition of operating

Why It Matters

The SAIF – Employer Bond will make sure that Oregon employees receive the workers’ compensation benefits to which they are legally entitled, even if the employer fails to pay premiums or mismanages its obligations. It protects both the workforce and the integrity of Oregon’s workers’ compensation system.

To Obtain The Bond Through Swiftbonds

Comprehend the Purpose of the SAIF Employer Bond

The SAIF Employer Bond is a surety bond required by the Oregon Workers’ Compensation Division for certain employers. It serves as a financial guarantee that the employer will:​

• Pay all workers’ compensation premiums and assessments due to SAIF Corporation​

• Comply with Oregon’s workers’ compensation laws under ORS Chapter 656​

• Fulfill financial obligations related to claims and benefits owed to injured workers​

If the employer fails to meet these obligations, SAIF or the state can make a claim against the bond to recover losses.​

Access and Complete the Swiftbonds Application

• Visit the Swiftbonds website to access the bond application.​

• Download and complete the Swiftbonds Application Form.​

• Provide necessary information, including:​

  • Business details: Legal name, address, and type of entity (e.g., corporation, LLC, partnership)​

  • Obligee information: SAIF Corporation’s name and address​s

  • Bond amount: As determined by SAIF based on your business’s risk profile​

Submit the Application and Undergo Underwriting

• Submit the completed application to Swiftbonds via their website or contact them directly for submission instructions.​

• Swiftbonds will conduct an underwriting process, which may include:​

  • Reviewing your business’s financial statements​

  • Assessing your credit history​

  • Evaluating your industry experience​

Receive and Submit the Bond to SAIF

• Once approved, Swiftbonds will issue the bond.​

• Submit the original bond to SAIF Corporation to fulfill your workers’ compensation insurance requirements.​

Maintain Compliance

• Ensure timely payment of all workers’ compensation premiums and adherence to Oregon’s workers’ compensation laws to avoid claims against your bond.

Conclusion

The State Accident Insurance Fund (SAIF) – Employer Bond plays an essential role in supporting Oregon’s workers’ compensation system by ensuring that employers meet their financial responsibilities under state law. This bond provides critical protection for both employees and SAIF by guaranteeing that employers will pay required premiums and fulfill claims-related obligations.

Frequently Asked Questions (FAQs)

How is the bond amount determined?

The required bond amount varies and is typically set by SAIF based on:

• The employer’s risk exposure

• Size of payroll

• Claims history

• Payment and compliance history

Who are the parties involved in the SAIF Employer Bond?

• Principal: The employer

• Obligee: SAIF Corporation or the Oregon Workers’ Compensation Division

• Surety: The bonding company that guarantees the bond

How long is the bond valid?

The bond remains in effect as long as required by SAIF. It must be renewed annually or as specified in the bond terms. Failure to maintain the bond may result in coverage cancellation or enforcement actions.

What happens if a claim is filed against the bond?

If the employer fails to meet their obligations, SAIF can file a claim against the bond. The surety company will investigate, and if the claim is valid, pay out damages up to the bond amount. The employer is then responsible for repaying the surety.

Is the SAIF Employer Bond refundable if not used?

No. The bond premium is a fee for the issuance of the bond and is generally non-refundable, regardless of whether a claim is filed.