man running on treadmill in a fitness center

Types of Insurance A Fitness Center Will Need

Believe it or not, recent years have seen a 35% increase in gym injuries.

If you own or manage a fitness center, it’s critical to have all the insurance that you need. You’ll be protecting your business and yourself against liability in case of an accident or mishap at the gym.

How many types of insurance will you need, and what are they about? Let’s take a look.

General Liability Insurance

Anyone looking for gym insurance should begin with general liability options. This will cover you, your employees, and your equipment if someone is considered negligent. This type of insurance can also protect other gym patrons from liability while they are on your premises.

Common gym injuries include back problems, shoulder strain, and knee pain. These can happen while individuals are lifting weights, using the treadmill, or taking a class.

Being prepared with general liability insurance means you will be protected in the event of injury claims or questionable employee actions. It may also protect you in case of a data breach. Accidents happen and you want to be as prepared as possible.

Workers Compensation

You probably have several employees working for you at your gym. They may be trainers, class instructors, or administrators.

As long as you’re paying people to work for you, it’s important to have worker’s compensation insurance. If someone were to become injured or ill because of their job, it can protect you.

Workers’ compensation provides medical and wage benefits for injured parties. It can also provide death benefits if someone is killed on the job.

Worker’s compensation protects you from civil lawsuits. It’s mandated by every state, although the exact amount you’re required to pay for medical or wages will vary from state to state.

If an employee becomes injured while on the job, they will need to go to a doctor right away to get reports to support their claims. Once their claims get approved, they can begin receiving compensation payments.

Businesses who fail to get workers’ compensation insurance can face consequences such as fines and paying claims out of pocket. It’s also possible to lose your business license. Keep your business legitimate by purchasing workers’ compensation insurance for your gym.

You may also find an insurance company that can help you provide necessary benefits to your employees. These can help with preventative costs and reduce your liability in the long run. Health insurance, flexible spending accounts, and retirement savings are all ways that you can help your workers plan for the future.

Professional Liability

Another type of business insurance you’ll want to purchase is professional liability. It covers any mistakes you may make while administering professional services.

Even the most meticulous business owners can make mistakes from time to time. Professional liability insurance covers things like inaccurate advice or negligence.

For example, if an athletic trainer, class instructor, or dietician gives advice poor advice that results in an injury or illness, professional liability insurance may cover you.

Business Owners Policy

If you own a fitness center, you may also wish to consider taking out a business owners policy. This can cover your building and fixtures within or outside of it.

You may have machinery or equipment you’d like to cover. These could include treadmills, weight machines, or elliptical trainers. You spend a lot of money on them and want to make sure you’re covered in case they need to be repaired or replaced.

A business owner’s policy can help protect you against major financial losses resulting from a sudden equipment problem. It can also help protect indoor and outdoor fixtures, such as signage and lighting.

You may also wish to cover the furniture and equipment required for property management. These could include ladders or snowblowers. All of these are investments you’d like to protect in the event of sudden damage.

Your business owner’s policy can also cover things you may not have thought of. This could include your flooring or ventilation. If you want to make sure these valuable items can be recovered, invest in a business owner’s policy.

Data Breach/Cyber Liability

In today’s world, computer hacking is a genuine threat that could severely damage your business.

The easiest way for most individuals to make regular gym payments is through their credit cards. When they sign up for membership, they will provide you with personal information, such as emails, addresses, and phone numbers. If someone gets into your system, they will be able to take a lot of valuable information that could lead to illegitimate purchases.

You can protect your business from significant loss by purchasing insurance for your computer data.

Umbrella Policy

Some businesses also prefer to purchase an umbrella policy. This could protect you in the event of larger liability claims that your regular insurance doesn’t cover.

In today’s litigious society, lawsuits for millions of dollars aren’t unusual. And they can really destroy smaller businesses that lack enough insurance coverage.

You won’t want to take the risk of losing your business if someone hits you with a major lawsuit. Spending a little extra on an umbrella policy can help you keep going.

Insuring Your Fitness Center

All businesses need professional insurance, and a fitness center is no exception. With the right coverage, you could be on your way to a well-protected and stronger business in no time.

For all the coverage you need, contact us today.