Who needs a Barber School Surety Bond?
Barber School Surety Bonds, also known as Cosmetology School Surety Bonds, are required for businesses and organizations that operate as a center for barber/cosmetology instruction.
How does a Barber School Surety Bond work?
These license and permit surety bonds protect the tuition which is paid to these schools by their students. In the event that the school does not fulfill their educational obligation to their students, due to closures, acts of fraud or misrepresentation of services, a claim can be filed on these surety bonds in order for the students to be compensated for their losses. Bonded barber and cosmetology schools are guaranteed to operate in accordance with all applicable laws and regulations.
Which states require a Barber School Surety Bond?
Pacific Surety proudly offers Barber School Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for a Barber School Surety Bond?
Amounts for Barber School Surety Bonds vary and are set by the local rules and statutes regulating the industry. Therefore, bond amounts and requirements will fluctuate from bond to bond. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Barber School Surety Bond cost?
Pricing for Barber School Surety Bonds varies, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Barber School Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Barber School Surety Bond with bad credit?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Barber School Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Barber School Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
How are bond claims handled for Barber School Surety Bonds?
Unlike insurance, which protects your business, Barber School Surety Bonds protect your clients. If an individual is harmed due to the principal’s actions or any violation of the governing laws, the harmed party can file a claim with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.