A Laundry Bond is a license and permit bond. They are required by certain federal, state, or municipal governments as prerequisites to receiving a license or permit to engage in certain business activities.
These bonds function as a guaranty from a Surety to a government and its constituents (Obligee) that a company (Principal) will comply with an underlying statute, state law, municipal ordinance, or regulation.
The New York City Department of Consumer Affairs requires that anyone who anyone who launders for the public, or operates a coin operated pay-for-wash business, needs to be licensed.
In order to obtain this license, you will have to post a New York City Laundromat Bond. The amount of your New York City Laundromat Bond will vary with the number of people that you employ.
How Much Does a Laundry Bond Cost?
While your bond premium depends on how many employees you have, where your business is located, and what kind of services you offer, in general, laundry bonds are pretty affordable.
Prices of most license and permit bonds usually range somewhere between 1-10% of the bond amount.
Poor financial history or a low credit score may require you to pay higher premiums.
How to Get a Laundry Bond FAST!
Applying for a Laundry Bond is not difficult, as we’ve simplified the process for you into easy to understand steps, which can be found on our Laundry Bond application.
Finally, if you would like to speak to a live customer service representative to walk you through the process of applying and getting approved for a Laundry bond today, we are here to answer all questions.
Our professionals are committed to easing the process for you. call us at (800) 921-1008, Live Chat with us below, contact our Bond Manager at Bonds@BFBond.com