New York nail salons which employ two or more persons full time, are required to obtain surety bond by the state of New York, specifically the division which enforces nail salon safety.
The surety bond you are required to purchase will depend on the number of full time employees at your nail salon business.
AmeriPro Surety Bonds offers the surety bond – both new and renewal – in the amount required by New York state.
The breakdown for the minimum amount of surety bond required of nail salons operating in New York state are as follows:
There is a singular purpose for the nail salon wage bond:
It is to ensure that employees of a New York nail salon are properly paid for all of the hours of work that they perform.
The bond’s existence is a financial guarantee that New York nail salon employees have financial recourse for non-payment if they are not properly paid.
Nail salon employees who are not properly compensated for all hours worked may file against the bond to recover payments.
Any payments paid out on the surety bond must legally be repaid in full (including all costs involved) by the principal of the bond (that is, the person or business purchasing the nail salon wage bond).
With the single exception of the $25,000 surety bond requirement, applicants for any amounts above that threshold will need to also provide financial information on themselves and their nail salon company.
For the $25,000 New York nail salon wage bond, a simpler application is avaialable.
Both can be taken over the phone by our agency; however, the application goes in to more depth for the higher bond amounts.
One issued, the bond is active for one year from the issuance date and renews on an annual basis.
Depending on the information provided in the application and the results of a credit check, the bond’s premium (the price you will pay for this bond) may be as low as 2-5% of the bond’s face amount.
AmeriPro Surety Bonds will work to provide you the best surety bond pricing.
AmeriPro Surety Bonds is a surety bonds-only agency providing license and permit, contractor, court, and fiduciary bonds throughout New York state and nationwide.
We will gladly walk you through the entire application process for your nail salon wage bond, answering any questions and addressing any concerns that you may have.
We will work to get your bond issued within a few hours (easiest for the $25,000) surety bond, or in a matter of one business day at a fair price.