How to Choose an Insurance Policy for Your Fitness & Recreation Center
Fitness centers are among the most popular small business investments, boasting a comfortable income stream in a profitable industry. With 52.9 million Americans aged six and older holding a gym membership, 44% of whom attend regularly, there’s plenty of potential to unlock with a well-managed fitness center. And, with obesity rates on the rise across the United States – up to nearly 40% as of October 2017 – it’s likely that a need for fitness will only grow in the coming years.
Despite the promise of big rewards, running a successful fitness center relies on more than simply renting a storefront and filling it with equipment. In order to build a thriving clientele and keep yourself protected from the risks at hand, the right insurance coverage is essential.
Insurance Coverage for Fitness & Recreation Centers
Like any small business, your fitness center needs adequate insurance coverage.
Unlike other new startups, however, the risk of accident or injury is substantially higher than a store, a restaurant, or a white-collar office, from equipment issues to sprains, strains, and broken bones. Standard policies likely aren’t enough, so it’s critically important to choose the ideal care for your needs.
Gym Liability Insurance
General liability insurance is a critical component of any commercial policy, protecting against basic incidents occurring within the course of daily business. Gym liability insurance includes:
- Bodily injury
- Property damage
- Medical payments
- Personal injury
While not all-inclusive, a standard gym policy will cover the biggest, costliest risks to your business.
Professional Liability Insurance
As a responsible gym owner, you’ll likely employ licensed fitness pros to work with your clients, like trainers and physical therapists. While you can expect a certain level of expertise and performance from these individuals, accidents happen. Professional liability insurance prevents you from being held accountable for injuries that occur through a failure to meet professional duties and standards.
Personal Injury Liability
Injuries can happen anywhere, and a facility full of heavy weights and exercise equipment only increases the odds. In order to weather the storm that can come when someone gets hurt, personal injury liability coverage – insurance that relieves liability for injuries that happen on your property – is a must.
Advertising mistakes can happen to anyone. If a sue-happy gym member brings a suit against you because he wasn’t able to achieve the gains you advertised, advertising liability insurance can offer a safety net.
Medical Payment Coverage
From weightlifting accidents to equipment malfunctions, many of the personal injuries that occur in a gym require medical care. With medical payment coverage, you won’t have to cover these costs out of your own pocket.
Have anything unique in your gym, like swimming pools or rock walls? Your general gym liability coverage may not be enough. A supplemental liability insurance policy goes above and beyond, providing extra protection for the added risks that come with special equipment.
Find Your Perfect Fit
If you want to be sure your fitness center is completely covered, FitSecure can provide the comprehensive options you deserve. As a leader in fitness insurance policies, we’re experts at designing a plan that’s right for you, from spas and health clubs to studios and dojos.
No matter the mission you have in mind, we’re here to help. Contact us today at 844-659-1881 for your custom quote!