Health Club Bonds
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FAQ
- How much do health club bonds cost?
They are a percentage of the bond amount. If you are not ready to purchase a bond you can get an idea of costs. Costs can vary depending on how and when you collect your dues. You can also apply for a firm quote online.
- How long is the application process?
It only takes minutes to complete our online application. The website underwrites and approves most requests instantly online.
- Why do I need a health club surety bond?
It ensures that any pre-paid memberships will be refunded in the event of your fitness center shutting down. If this should happen, a claim will be filed on the bond requiring you to reimburse your club members.
- What types of businesses have to post health club bonds?
They include but are not limited to fitness centers, self-defense schools, massage studios and spas. However, every state has unique requirements. You can do some research using our state requirement list below. If you do not see your state, contact it directly to make sure you meet all requirements.
- Does the bond protect me from gym member injuries?
No. Surety bonds are not insurance for you, but are a form of credit. You need to contact an insurance agent if you want to insure your facility.
- Does it matter how or when I collect my dues?
Yes. Annual collections of membership dues are considered more risky since the potential claim amount is higher should you close. If you collect membership dues monthly, the potential claim amount is lessened, which leads to lower rates.
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