What is a Florida Health Studio Bond?
Start your dream health studio business through this surety bond!
Certain health studios must obtain a surety bond. Find out if yours qualify:
- Health studios that collect fees for more than 30 days in advance
- Health studios that charge service fees that are more than 10% of the contract price. Service fees include membership, processing, startup, and registration fees.
- Health studios that authorize third-parties to collect dues on their behalf
Health studios in the State of Florida are required to acquire a certificate from the Florida Department of Agriculture and Consumer Services before starting its operation.
A surety bond is a prerequisite for health studio certificate applicants who fall under the criteria mentioned above.
One of the purposes of this surety bond is to protect the clients of the health studio in the event of potential misconduct or fraudulent acts. If such occurs, the client who has suffered damages will be financially compensated through the surety bond.
The surety bond requirement is in accordance with Section 501.016 of the Florida Statutes.
What is the Health Studio Bond amount?
The principal bond amount is $50,000.
Each separate business location must obtain its own surety bond.
Your bond premium will depend on your credit score. Those who have an excellent credit score will be able to pay as little as 1% of the bond amount!
How can I get a Health Studio Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be executed by a Florida-authorized surety bond agent or company
- The Obligee of the surety bond should be the Florida Department of Agriculture and Consumer Services
- The health studio should abide by the provisions of Chapter 501 of the Florida Statutes, as well as the rules and regulations of the Florida Department of Agriculture and Consumer Services
- If the health studio commits a violation, the aggrieved party will be eligible to file a claim against the surety bond
Do you need further assistance? Call us now at 800-333-7800!