What is a Dance Studio Surety Bond?
A Dance Studio Surety Bond is one way dance studios are regulated. The Florida Dance Studio Surety Bond is required of all individuals or dance studios who have been in business for less than three years. In addition to being in business less than three years, the dance studio must receive or require advance payment in excess of $250 or receive payments in installments.
What does a Dance Studio Surety Bond cover?
The Florida Dance Studio Surety Bond covers violations of section 501.143 of Florida Statutes. The bond is payable to the Department of Agriculture and Consumer Services of the State of Florida. The state can claim on your bond should your dance studio break or violate any of the aforementioned statutes. Some of these statutes include relay salesmanship, falsely guaranteeing a certain level of proficiency if a class is taken, and failing to abide by a written contract.
To be clear, this surety bond does not offer protection to you or your business. It only offers protection to the state and individuals harmed by your business. Additionally, if your bond pays a claim, you and your company will be responsible for reimbursing the surety company for any costs they incur.
What Dance Studio Surety Bond amount do I need?
Florida Dance Studio Surety Bonds are widely written by multiple surety bond markets. The total bond amount for the Florida Dance Studio Surety Bond varies by the amount of time the dance studio has been in business and is as follows:
- 0-1 years – $ 5,000
- 1-2 years – $10,000
- 2-3 years – $15,000
How much will my Dance Studio Bond cost?
Your Dance Studio Bond Cost is determined by your personal credit score. The higher your credit score; the lower your bond cost. In most cases, your bond will cost about 1-2% of the bond amount needed. For example: If you need a $10,000 bond, your price should be $100-$200. However, if your credit score is low, you can expect to pay a higher price. The best way to find your actual bond cost is to apply online below.
How do I apply for an Dance Studio Surety Bond?
- Complete our online Dance Studio Surety Bond application, or
- Download and complete our printable Dance Studio Surety Bond application, and
- Receive your surety bond quote in minutes!