As a gym owner, your top priority is the health and well being of your clients. But do you have the right gym insurance coverage to guarantee the well being of your business?
From medical accidents to falls in the weight room and broken equipment, there are many risks that come when owning your own gym. No matter what type of gym you own there are various typs of coverages offered in a gym insurance policy to protect your clients, employees and your business.
The following are the ten most important types of gym insurance coverage you need to protect your business:
1. General Liability: This provides coverage if you, your employees, products or services are considered negligent or cause bodily injury or property damage. It also protects your business from claims while a person is your premises. This type of coverage is especially important if you have independent contractors, like personal trainers or physical therapists, who work in your gym. As the owner, you will want to make sure the independent contractor has a certificate of insurance with a general liability limit to cover themselves as well.
2. Professional Liability: This covers risks due to “errors and omissions” by staff members. For example, any advice regarding an exercise regimen that results in an illness or injury to a client will be covered by professional liability insurance.
3. Business Income and Extra Expense Coverage: If your gym needs to close for a period of time due to a fire, flood or other problem, this coverage allows you to relocate your facility temporarily.
4. Workers’ Compensation: This covers claims associated with employee injuries occurring during the course of their employment at your gym.
5. Occurrence Policy: This portion of your insurance policy covers incidents occurring previously, such as a member hurting themselves on your equipment and complaining of a physical problem years later.
6. Equipment Breakdown Coverage: As a gym owner you know the machines you have are just as important as your clients. This coverage can protect you from expenses incurred should any of your equipment break. If your business sells food products, this may cover the cost of refrigeration breakdown and loss cause from spoilage.
7. Business Personal Property Coverage: In addition to your gym itself, this coverage will protect your business’s property in case of unexpected accidents.
8. Premises Liability Coverage: This coverage protects your business from liability if a client is injured within the gym or even outside in the parking lot.
9. Participant Liability and Accidental Medical Coverage: This type of coverage is especially important for boxing and martial arts studios. These coverages provide protection for your business and members if they participate in sponsored tournaments or supervised competitions. Participant liability insurance protects your business from liability claims as a result of the injury. Accidental medical insurance provides medical care for the injured participants.
10. Employee Dishonesty: This section of your policy protects you against financial theft, computer fraud or identity theft.
One of the first questions a new gym owner asks is “how much is my gym insurance going to cost?” And of course the answer depends upon many factors. Your specific gym insurance costs will depend on the specific liabilities you have to cover your gym, as well as the limits you choose. At John E. Peakes Insurance Agency, our talented commercial agents will work with you to get the best insurance policy for your gym at the most affordable price. Visit us online at peakesins.wpengine.com or call us today at 800-800-5199. Let us do the heavy lifting for you and create the policy to give you the protection you need!