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Keep up with the pace of your business by getting fitness center insurance.
Unique coverage for a unique business.
As a fitness center owner, your business relies the most on your staff and equipment, while prioritizing the safety of your customers. This is where insurance comes in, protecting the various risks your business faces on a regular basis with general business, commercial property, and liability coverage.
When waivers alone simply aren’t enough.
While most fitness centers and gyms get customers to sign waivers, that’s often not enough to protect you against lawsuits. And, even if such lawsuits fail, you may still face legal costs. That’s why you may want to consider fitness center insurance to help cover the specific risks of owning and operating a gym.
Real-world examples of the risks fitness centers face.
s with any business, accidents happen and things may go wrong. For example, you could be held liable for injuries caused by inadequately maintained equipment. You might face professional liability claims if a customer suffers a health emergency or injury and blames the advice your staff gave. You could even be sued by customers over problems with the goods you sell, such as nutritional supplements.
INTERACTIVE GRAPHIC
Risk Factor
On average, it's estimated that three out of five businesses will be sued by their employees. Claims can stem from just about anything, such as someone taking a "joke" the wrong way and being offended. While there is nothing you can do to prevent someone from filing a lawsuit, there is something you can do to limit the costs of defending a legal claim.
Solution
The right coverage is critical to your risk management process as it protects against discrimination, wrongful termination, sexual harassment, and other employment related allegations. Typically, the policy will cover your business as well as your directors and officers.
Note: Actual policies must be consulted for specific terms and conditions.
Risk Factor
Water on the floor, slippery entry in the winter, broken glass/hazardous debris, etc. These are all accidents waiting to happen that make your business susceptible. Claims may arise due to bodily injury, property damage, personal injury, and more.
Solution
Commercial general liability insurance is an absolute necessity for any business. It provides broad coverage when you are deemed responsible and liable, and will also pay to defend any covered lawsuit or action regardless of its merit.
Note: Actual policies must be consulted for specific terms and conditions.
Risk Factor
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Solution
Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law and may vary by area, so be sure that you understand your obligations for all physical locations where your business operates in and all physical locations where you hire your employees.
Note: Actual policies must be consulted for specific terms and conditions.
Risk Factor
Are you asked questions such as "How can I lose weight?" or "How do I add muscle?" Your responses to those and other questions may be well intended, but what if your customers get sick or injured as a result of that advice?
Solution
Having professional liability insurance for personal trainers will help cover you against claims of negligence–even when you haven’t made a mistake.
Note: Actual policies must be consulted for specific terms and conditions.
Risk Factor
When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your business.
Solution
Commercial property insurance can help protect the property your business owns and leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your physical assets.
Note: Actual policies must be consulted for specific terms and conditions.
Risk Factor
What would you do if a pipe leak impacted the operation of your business and prevented you from serving clients for a day or more? Or what if a fire destroyed your building? These and other events can destroy your ability to serve clients and bring in revenue, which can have a major long-term impact on the viability of your business.
Solution
Business income insurance compensates you for lost income if your company cannot operate as normal due to disaster-related damage that is covered under your commercial property insurance policy.
Note: Actual policies must be consulted for specific terms and conditions.
Risk Factor
What happens when your business faces a large liability loss that exceeds the basic limit of your standard policy?
Solution
A commercial umbrella policy provides high limits of insurance, up to $100,000,000. Coverage is extended over your general liability insurance, workers' compensation, business auto, and directors and officers liability insurance. It provides a great safety net and helps ensure your business is well-protected.
Note: Actual policies must be consulted for specific terms and conditions.
The business side of fitness centers.
Your fitness center policy should cover standard business insurance solutions like workers’ compensation, employment practice liability, and protection for your buildings and equipment. Like any business, there are certain coverages that are important to have so you can help safeguard your livelihood and your investment.
What does fitness center insurance cover?
A typical policy for fitness centers and gyms may include business, property, general liability, and professional liability insurance, with the ability to add more coverage options.
How much does fitness center insurance cost?
The price of your policy may vary depending on the size of your operations and your location, as well as how many employees and clients you have.
How to minimize risks on a daily basis.
There are many ways you can minimize risks at your fitness center or gym. For example, posting adequate warning signs about hazards when using the equipment, or adequately training staff to deal with emergencies and minimize damage can go a long way to emphasizing safety and avoiding costly mistakes and accidents.
Do you need fitness center insurance? Contact us to discuss the insurance needs of your fitness center or gym, and to go over your specific coverage options.
