The health and welfare of your clientele is your first priority as a fitness or health club owner. You and your team work directly with your customers, encouraging them to be their healthiest and best selves. But do you have the necessary insurance coverage to protect your company’s health and well-being?
Here some types of insurance you need to cover your health club liabilities.
As with any business, risk mitigation is important. You can’t always foresee problems before they arise. Policies that can help include general liability, professional liability, business income/extra expense coverage, and worker’s compensation.
Equipment breakdown coverage can protect you from losing money if your treadmills, weight machines, air conditioning, or other equipment breaks down. If your company sells food, this might cover the expense of a refrigerator malfunction as well as the loss from rotting.
Your gym or studio may feature offices, classrooms, locker rooms, a pool, or a gymnasium in addition to recreation facilities. In the event of an unexpected accident, business personal property coverage will protect your company’s property.
Some policies cover condition more unique to gyms, such as:
- Participant liability and accidental medical coverage – for members if they participate in activities such as boxing or martial arts
- Premises liability – covers you in the event a patron is injured on the premises (e.g., falling in the parking lot)
- Employee dishonesty, money, and securities coverage – protects you against fraud, theft, computer fraud
Having health club liabilities coverage is an important step in owning and operating a health club.