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Barber Shop Surety Bond Explained

barber shop surety bondsFor those who are thinking about starting up a business, many legal to-do’s must be checked off before assisting clients. If someone wants to open a barber shop, there are some steps that need to be taken first such as getting bonded.

Similar to all other surety bonds, each state has its own bonding requirements, although the three parties of the bond remain the same no matter which state the bond is filed in. The three parties that will always be included in a surety bond are the principal, obligee, and the surety company. For this particular bond, the barber is the principal that must be bonded in order to achieve a business license.

Surety bonds guarantee promised service from a business. A bonded barber shop tells clients that the shop is financially covered and can be trustworthy and dependable. A customer is more likely to choose a bonded barber shop than one that is not bonded. A bonded barber shop covers all its bases and promises excellent and legal service.

The name of the bond will usually be referred to as a “Barber Shop Bond”. However, some states may differ in the bond name. For example, in Indiana, a Barber Shop bond is required for all barbers conducting business in Indiana. The bond amount is set at $25,000 and is required by the Indiana State Board of Barbers. Each state drafts their own bond form, so it is a good idea to check with the state that the barber will be running business before applying for the bond.

As a barber, there are many legal responsibilities that can get overwhelming. However, a surety bond will be one of the simplest obstacles that can be overcome. Working with Surety1 is stress free and inexpensive. Visit Surety1’s online application page and receive a free quote for a bond.

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1. Apply Online Using our Free & Secure Application 2. Get Your Free Quote Applications are No-Obligation 3. Get Your Bond Most Bonds are Approved in 1-2 Business Days