Today is the deadline for all nail salons in New York to comply with Gov. Cuomo’s wage bond mandate.
If you are an appearance enhancement business in the state of New York offering nail specialty services, you must obtain a wage bond in an amount based on how many full-time salon workers you employ:
- 2-5 employees = $25,000
- 6-10 employees = $40,000
- 11-25 employees = $75,000
- 26+ employees = $125,000
If you employ part-time workers, you must take into account the amount of hours those employees work per week, in addition, for determining your bond amount coverage. For example, two part-time employees working 20 hours per week each would be considered 1 full-time employee.
Note the amounts listed above are not what you are expected to pay. The cost of your wage bond (or premium) is a percentage of the above amounts. SuretyBonds.com is currently issuing these bonds with competitive rates for qualified applicants (e.g. 1-2% or $250-$500 for salons with 2-5 full-time employees*). In addition, we offer free, same-day quotes, payment options and express overnight shipping for those still needing to purchase a wage bond policy today.
Our team is working hard to ensure these bonds are being issued as quickly as possible. If you have any questions regarding an existing application, please contact us now to speak to an agent. Salon owners who have not yet made a good-faith effort to obtain a bond and comply with Cuomo’s new regulations are at risk of fines and may not be able to continue conducting business.
For more information and resources, check out our previous posts on nail salon wage bonds below:
*not a guaranteed price; cost is subject to underwriting and dependent on individual applicants’ personal information and background
Photo courtesy Metropolitan Transportation Authority of the State of New York (CC BY 2.0)