Gym Insurance

Is Your Gym Insurance Fit for Purpose?

So, you have the business of your dreams: an independent fitness centre, where you can help your clients transform their lives. But do you have the right kind of gym insurance?

There are many types of insurance that you should consider to make sure that your business is protected. We’ve laid out some of the most important types of insurance, and offer some of the ways that you can make sure you’re protected.

What is Gym Insurance?

The correct gym insurance should encompass all the types of coverage that you need to protect your business. It is there to ensure that if an insurable event occurs, you’ll be protected against any claims. Not getting the right insurance is potentially ruinous to your business.

No doubt your highest priority is the safety and happiness of your clients and colleagues. Many of these types of insurance coverage ensure that your clients, your colleagues, and your business are protected if anything unexpected should occur. It’s better to be prepared for anything than to be caught without that coverage when you most need it.

What Types of Insurance do You Need for Your Business?

Here are the most common types of insurance that you’ll need to make sure that your gym is covered.

1. Professional Liability Coverage

This coverage is crucial to the success of your business. It protects the business against any injuries that may occur as the result of omissions, or errors by staff members. If one of your staff members provides fitness advice that results in injury, you need to ensure you’re protected against any claims of liability that may be made.

If you employ independent contractors in your gym (such as personal trainers), make sure that these trainers also have their own professional liability insurance.

2. Public & Products  Liability Coverage

This type of insurance provides coverage if any products or services offered at your gym cause bodily injury or property damage.

This class of insurance, professional liability and employers liability insurance, are the most important types that you must have, at a minimum.

3. Employers Liability Coverage

As a gym owner the welfare and safety of your employers will be paramount. It is important to have employers liability insurance to protect your employees and your business. This cover protects your business against any compensation claims from employees. If they become ill, or injured as a result of their work for you there is a chance they will take legal action against you.

It is also a legal requirement that you have this coverage in place – If you do not you could be fined up to £2,500 per day. It is important to note that temps and volunteers will be classed as employees if they are working under your direction.    

4. Business Interruption Coverage

This type of coverage is designed to cover your loss of income following a catastrophic loss such as fire or flood.  This coverage can help you relocate you temporarily while you work on rebuilding your original facility. You can also cover any increased cost of working expenses to help you get your business back on its feet.

5. An Occurrence Policy

If any clients injure themselves while at the gym and then wait a while to report it, your business is protected from that incident (or any other incidents) that occurred previously and reported much later.

6. Property Damage Coverage

This type of insurance covers you to repair or rebuild your property following damage caused from an insured peril. This could be anything from burst pipes to falling trees, fire to flood, storms to theft.

If you own the property it is essential that your property is protected.

7. Tenants Improvements Coverage

If you don’t own the property, and rent your space, is important that you insure any tenants improvement. This would include things like any partition walls, suspended ceilings, or any other refurbishments. It is important to realise that your improvements will not be insured under the landlords policy.

8. Business Contents Coverage

You will have no doubt invested heavily in your fitness equipment and you will need to ensure that they are adequately insured. It is also important that you cover any loss or damage to other contents such as furniture, electronic equipment and machinery.

9. Stock Coverage

If you have any stock such as protein bars, electrolyte drinks or gym equipment this will need to be insured under the stock section.

How We Can Help

At Edison Ives, we’re not your typical insurance broker. We won’t make you wade through hold-times in the virtual queue at a call centre, and we pride ourselves on not being an old-fashioned insurance broker, either.

We offer straight forward, honest advice and different, better service that places you at the centre of our business. With our decades of experience and a network of specialist underwriter contacts from London to Leeds, we work with you directly to ensure that every aspect of your business is covered. We’ll tap into specialised “broker only” markets to get you the best insurance coverage for the best price.

We are available round the clock for emergencies and opportunities, ensuring that you’re never in the dark when you need help. We’ll assign you a dedicated Account Manager and Handler that will be available for any questions and make sure that you’re getting the right insurance for your business.

Don’t Wait Until the Worst Happens

In order to better protect your business and plan for the unexpected, speak with a qualified insurance professional that can help make sure that your gym business is covered. By using an expert insurance broker, you make sure that you’re focused on the important things: helping your clients realise their fitness goals and live a happier, healthier life.

Are you ready to get the right gym insurance for your fitness business? Give us a call today to set up a consultation with one of our insurance professionals.

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