Health Club / Gym / Spa Bond Information
The health club bond is a financial guarantee bond, required by many state governments of gyms and health clubs that collect payment of their members for services up-front. The bond is in place to protect the members of the club, should the club not fulfill their end of the prepaid membership. It guarantees that health clubs, massage studios and even self-defense clubs will fulfill their obligations, and that if they don’t, a claim can be made against their bond. Our agency offers a variety of programs designed to help Health Club owners get approved quickly, and at excellent rates, in all 50 states.
- 100% Secure Online Application
- Lowest Rates
- Approval Rate Nearly 100% (even for the less than perfect credit applicants)
First, you’ll want to contact the specific state department that oversees health clubs about your desire to conduct business in that state. Some state’s offer checklists online, which can be very helpful. In addition to submitting an application to be become registered or licensed, most states require a surety bond be posted to guarantee compliance with their health club regulations. Getting bonded with All Commercial Surety is simple. Once your bond has been issued, you’ll submit a signed copy of the original bond to the state to be filed with your license. Frequently asked questions about the Health Club Surety Bond:
How Much Does a Health Club Bond Cost?
Annual premium amounts are determined based on owner personal credit. Owners with stellar credit may be eligible for standard market rates, which range from 1% to 3% of the bond amount. If the owner has a low credit score, or past due items on their credit report, annual premium typically ranges between 5% to 15% of the bond amount. For most states, our high risk rate does not exceed 7.5%.
How Do I Get a Health Club Bond?
The first step is to apply for a free quote. Once you’ve been approved, your agent will provide you with the bond premium due, along with an agreement with the surety. Once you’ve paid for your bond, and provided a signed copy of the indemnity agreement, your Health Club Bond will be mailed out to you.
Can I Get Approved for a Health Club Bond if I Have Bad Credit?
Yes. While many sureties only offer quotes to customers with stellar credit, we have a variety of Health Club bond programs that allows us to approve over 99% of applicants through our online application. Your annual premium will depend on your individual credit profile, but we’re able to offer very aggressive rates.
Will my Health Club Bond work for multiple states?
No. You'll need to post a separate bond for each state that you will be conducting business in. Each state has their own bond requirements, and therefore you'll need to make sure to comply with each state's respective bond regulations.
Listed below are the 3 absolutes in surety.
- Must be a US Citizen
- Cannot be in current bankruptcy
- Cannot be behind in child support