As a health or fitness club owner, one of the top priorities is the wellness of your staff and clients. As your staff is closing working with your clients for their wellness and health. However, it is critical to decide which type of fitness business insurance you need.
From broken equipment to accidents in the weight room to medical accidents, there is a number of risks that your business is exposed to on a daily basis. No matter you own a gym, a yoga studio, a martial arts studio or a cycling studio, a certain type of coverage is needed for protecting your business, employees, and clients.
There are many business insurance companies available in the market, it is important to choose the one that fits your needs. It is recommended to list down all types of coverage you need for your business and then choose the right option. Following are the key types of insurances that you should purchase if you own fitness business.
Under general liability coverage, you can cover any property damage or negligence of your staff leading to damage or bodily injury. It also protects your company from patrons’ claims on your premises. Such type of coverage is very important if you hire independent vendors/contractors for your business like a physical therapist and a personal trainer. You need to ensure that the independent contractor has an insurance certificate with a general liability of almost more than $1 with additional medical coverage.
Many fitness businesses only focus on general liability and neglect professional liabilities resulting in paying huge sums of money in case of any negligence claims on part of your employees. Professional liability is equally important as general liability. It will protect you in case of any negligence claims on your staff part including physical therapists, dieticians or trainers.
Extra Expense Coverage
In case of any natural or manmade disaster like COVID-19, floor or fire, your business may need to be closed for a certain period of time. In this case, you may have to relocate your facility that this coverage will allow you to.
Compensation Of Workers
The compensation of workers coverage protects the claims linked with employee injuries occurring during their employment course. You need to review the state statute for workers compensation to determine that in case of any injury does the fitness centre need to cover it.
This insurance policy covers the accidents that have occurred previously for instance a patron hurt himself using your fitness centre equipment and complained about the problem several years later.
Equipment Breakdown Coverage
If your weight machine, treadmill or even air conditioner breaks, this type of coverage shall cover all the expenses that breakdown incur. If your fitness centre also sells fitness food to clients, this coverage may also cover the cost of spoilage or in case your refrigeration system breaks.
Fitness business insurance is important and can save you from number of coverages, ensure you own the best one as per your needs.
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