The New York Secretary of State may require that a business employing persons in the field of Nail Specialty Services obtain a wage payment bond. A Nail Salon or other business may be required to be bonded if the business employs individuals who provide nail specialty services within the following parameters:
A wage payment bond provides a form of protection for the employees of a business. The employees are entitled to wages for the work performed for the employer. If the wages due are not paid by the employer, the employees could act to make a claim on the bond. If a claim on the bond is made, the Surety, the guarantor of the bond, would investigate the claim and make the necessary payments if the claim is found to be valid. The surety would then seek to collect the amount expended to fulfill the claim from the principal, the employer. The bond is not insurance, the employer would still be required to pay the amount expended by the surety. Claims on wage payment bonds could lead to cancellation of the bond by the surety.
Viking writes all types of financial guarantee bonds including the surety bond for New York Nail Specialty Employer wage payments. We can generally get a highly competitive quote from only top rated sureties within 24 hours of receiving the bond application and any required associated documentation. We have the markets that are willing to consider these bonds and provide great quotes for them.