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The New York nail salon wage bond was mandated in the summer of 2015. The New York State Division of Licensing Services requires nail salons and other appearance enhancement businesses to get a wage bond.
Nail salons and appearance enhancement businesses employing two or more full-time employees or the equivalent for nail specialty services need a surety bond. The wage bond was introduced after it was found that many nail salon employees were not being paid fair wages. The�Division of Licensing Services in the Department of State now requires the surety bond as the salon owner’s guarantee that employees will be paid the wages they are owed.
If a nail salon or appearance enhancement business does not have the appropriate surety bond, they can be fined $500 for the first violation. A second violation results in a $2,500 fine and suspension of the business’s license and the Department will seek an order to close the business.
Wage bond principals pay a premium that is a percentage of the bond’s coverage amount. New York nail salon wage bond amounts are calculated based on the number of full-time or the equivalent licensed employees:
Wage bond applicants can expect to pay 1-10% of the bond amount�applicants needing a $75,000 bond might pay $750-$7,500 depending on a review of their credit history. Single Source Insurance can help get you the best rate for your surety bond.
Important Information for Nail Salon Owners ?
