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How much does a fitness center bond cost in Wisconsin?
In lieu of requiring that fitness centers in Wisconsin register with the state before opening, the Wisconsin Department of Agriculture, Trade and Consumer Protection mandates that all fitness centers must file a $25,000 surety bond. Surety providers use a basic underwriting process that includes a credit review to determine pricing. Qualified applicants can expect surety bond costs starting at 3% of the total bond amount—or just $750 per year.
Interested in running a fitness center in Wisconsin? Apply for your bond today to get a free, no obligation quote!
Purchasing your Wisconsin fitness center bond is easy when you work with the experts at SuretyBonds.com! Call 1 (800) 308-4358 or click here to get started.
Why do I need this bond?
Wisconsin fitness center bonds are required as protection for the consumers to guarantee that they will receive reimbursement in the event that the facility fails to issue a refund of prepaid money due to the principal’s failure to provide the facilities and services guarantees to the consumer upon the initial signing of their contract.
If the consumer does not receive their refund, they may notify the department in order to make a claim. Once the department has received notification, they will then notify the surety within three years of the principal’s failure to uphold the contract or three years of the bond’s cancellation, whichever happens first. If the surety pays out any money to settle the claim, then it becomes the responsibility of the principal to repay the surety, guaranteeing that the surety shall not suffer a loss.
What’s the fine print?
These bonds are continuous in nature and must be renewed annually in order to comply with regulations established by the department. However, the surety may opt to cancel Wisconsin fitness center bonds at any point during the term by notifying the department in writing at least 30 days in advance of the proposed cancellation date.