Insurance As A Gym Owner – What’s Most Important?
Looking Into Gym Business Insurance
You get several benefits being a fitness studio owner, including offering a variety of fitness classes, including yoga, Pilates or strength training, and offering different personal and group training classes to your clients. If your space allows, you can also offer several other features, such as sauna and spa to your clients.
As worthwhile as these perks are, there are several risks and responsibilities that come with being a business owner; chief among them is protecting yourself against liability – both from your customers and as a business.
At UGE, we offer guides and tutorials helpful for gym owners, especially in terms of growing their business and protecting their business assets. Today, we’re going to feature things you need to know about gym business insurance. To start with, let’s talk about protecting your business from lawsuits and unexpected incidents. To prepare for such, you may want to opt for insurance, which comes in different types, outlined below.
A General Look Into Fitness Coverage
Regarding liability insurance, those working in the health or fitness business should be covered; fitness coverage can protect you against claims injured members make against you or your employees.
So, who need gym business insurance coverage? Many businesses can benefit from such insurance, including those offering yoga classes, personal training, boxing and gym training, spin classes and Pilates, among others.
Why do you need insurance? As mentioned earlier, you will want to be protected against claims and liability problems from other people, but because businesses differ from one another, study your options well when selecting your gym business insurance plan.
So, you may need to look into the type of coverage your business requires. In this case, you may want to consult a trained professional to look into your business risk to help you come up with the right choice on insurance.
For example, you will want your gym equipment as well as your building insured with commercial property insurance. Or perhaps you are renting a building or space? You may want to get renter’s insurance in order to protect your assets, including fitness equipment. Some insurance to consider as well include commercial auto insurance and umbrella policy.
General Liability Business Insurance
Gym owners think this is the general insurance for basic coverage, but actually, it has three parts of coverage.
- Premise liability: If a member is injured due to accident from treadmill use (e.g. falling off it), this is under the premise liability.
- Products liability: This is for the products you sell which cause damage, an injury or loss, such as selling a protein shake that caused allergy to one member.
- Completed operations: This type of gym insurance under the general liability covers losses or damages from the services you are giving, which example includes causing an injury or illness to a member that was worked too hard by a personal trainer working in your center.
Business Property Insurance
This is another important type of plan to consider because it can cover natural disasters and fires, among other unexpected events causing serious damage to your property and assets.
Let’s take an example. In the event of an earthquake, your gym equipment and/or your building may suffer from damage, but if you have business property insurance, things like repairing and replacing any damage properties can be covered, depending on the type of plan you have and provider you choose. So because your fitness equipment and facility are important for your business, you may want to consider getting property insurance for your fitness studio.
Cyber Liability Insurance
If you have a website where you offer you services, such as personal or group training, or where you sell products, including water bottles and gym merchandise, you may need this type of insurance. Your website is a risk factor for you and your customers especially for cyber crimes, such as personal identity theft, fraudulent activities and viruses could lead to a claim or a lawsuit should one of your customers become a victim of any of these after using your website.
Commercial Umbrella Protection
Remember, all types of liability policies have their limits on coverage, but to increase this limit, you will need commercial umbrella to protect your gym business from claims that go beyond what an ordinary policy covers.
Employment Practices Insurance
By getting it, you can be protected from a lawsuit that an employee claims against you due to harassment or discrimination perhaps. So if an employee filed a wrongful termination, you can protect yourself and your business with a policy that helps with the following lawsuit.
Get the right gym insurance cover that matches your needs.
There you have a brief look on what type of insurance can be for you when it comes to selecting one for your business. Before any problem arises, it is best to protect your assets and your business from claims and lawsuits, and that is something you can do with the right kind of cover that will meet your business needs.
And now to ensure that your fitness machines are working at top peak conditions, you may want to upgrade and choose our used gym equipment. All machines we sell are certified high quality, working like new, and are for sale at low, low prices every day.
And when you get your fitness machines from UGE, you can avail of our preventive maintenance services—a reward program and an option you may want to get when you purchase your gym machines, tools and accessories from us. In this case, you can be sure that injuries can be prevented by promoting your client safety with top quality used gym equipment and regular preventive maintenance for it. You choose the schedule and plan and we are assigning a preventive maintenance team to attend to the maintenance requirements of your gym.
Learn more about how to protect your business with gym insurance and high quality used gym equipment by calling us today!