Gym business is one of the riskiest business types as it includes people engaging in strenuous exercises. You don’t know when your workers and membership holders get injured in your gym – or your workout equipment gets damaged. And as a gym owner, it’s obvious that you don’t want to pay for such losses from your own pocket. But without proper insurance, you are legally liable for those losses.
That’s why it’s important to choose the right fitness business insurance for your gym.
And when it comes to insuring your gym, you should know – What is gym insurance, and how can it benefit you and your business? Let’s dig deep into this topic:
What Is Gym Insurance?
Gym insurance or gym public liability insurance is a combination of a number of insurance policies like – property coverage, general liability and workers compensation insurance. It protects gym owners from lawsuits and other losses that might drain their bank account. In addition, this insurance policy also covers damage to a third party personal property, general liability for bodily injuries and machinery equipment breakdowns.
Moreover, this insurance policy will also cover all the claims by your clients. So if you want to protect the financial standing, reputation and credibility of your fitness business, gym insurance is the perfect tool. We have talked about what gym insurance is? But now the most important question is – do you really need this insurance policy? Let’s find out.
Who Need Gym Insurance Policy
There are various types of gyms available these days. And gym insurance is appropriate for almost all of them, including:
- Health clubs
- Boutique membership clubs
- Fitness centres
- Franchise operations
- 24/7 key access clubs
- Pilots, yoga and spin studios.
In other words, for all the gym owners who want to secure themselves from various losses – gym insurance is required for them. Every business includes possibilities of claims. But due to the certain physical nature of equipment and operations, jeans are prone to higher risks.
According to the national security council, injury facts, injuries, exercise and workout equipment sent approximately 4,68,315 people to the hospital’s emergency ward in 2019. You don’t know when one of your gym members ends up in the hospital, adding to that number. And if the cause of their injury or accident is your Gym, you might end up losing a good amount of money due to claims and legal expenses.
Gym insurance isn’t a single entity. As said above, it includes a wide range of policies ranging from general liability insurance to medical payment insurance. It’s time we discover all these policies and learn about them in detail.
Policies Gym Insurance Include
- General Liability Insurance
Gym liability insurance covers all the damage to the properties and physical injuries that are the result of general operations like trip-and-fall accidents. In some cases, this insurance policy also pays for advertising injuries that include damage and defamation to rented premises.
- Commercial Property Insurance
Commercial property insurance space for all the damages to the properties owned by your business, upto a certain limit as per the policy. This policy covers damages that are caused by: tornadoes, vandalism, theft, hail and fire.
All the gym owners who want to rent or rent their business space need this insurance policy. It will cover all your furnishing, equipment and other inventory owned by your business.
- Workmen’s Compensation Insurance
Workmen compensation insurance covers your workers who got damaged while working under your premises. This policy pays for their lost wages, medical expenses and survival benefits if the worker dies due to a workplace accident.
Final Words
Gym insurance is the best way to cover all the risks of operating this business. So without wasting any more time, look for a reliable insurer and purchase this policy the right way.
