Fitness Centers and Gyms
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Fitness Centers & Gyms
Fitness centers and gyms are an excellent business to own. They are full of activity each day and they provide an ongoing source of income through both membership fees and additional product or service sales. With the high level of activity you have in your fitness center or gym however, it’s very important to make sure you have the right types of business insurance.
General liability is the base type of business insurance your fitness center or gym should carry. It’s a broad level of coverage that acknowledges things can and do go wrong. Commercial general liability can protect you from financial hardships caused by a variety of accidents and potential risks. It runs the gamut of coverage from customer injuries to product and advertising liability.
General Liability Insurance Includes:
- Premises Liability - Your fitness center or gym has a large number of people flowing through it on a daily basis. If a person suffers an injury while in your gym, or their personal property is damaged while on the premises, your company will be held legally liable to pay the resulting medical bills or repair expenses. Premises liability coverage pays those bills so you don’t have to.
- Products Liability - If you sell products in your fitness center or gym - such as work out equipment, clothing or health drinks – you can be held legally liable if problems arise from those products. If a weight lifting machine is found to be defective for example, and a customer who purchased one from your fitness center receives an injury from that defect, they could sue your company. Products liability pays for your litigation expenses, pays settlements, and pays medical bills when customers are harmed from the products.
- Completed Operations - Whether you host special workout classes at your gym or you provide personalized fitness training services, you can be held liable if problems arise later. After you have provided the services or completed the operations paid for by your customers, problems can arise that cause harm or injury to your customer or to their personal property. Completed operations coverage pays for the resulting bills, damage claims and litigation that arise.
Business Owners Policy
A business owners policy (BOP) includes general liability insurance while providing additional coverage. This business insurance can be tailored to meet the specific needs of your fitness center or gym. You can select from several different types of tangible or intangible insurance coverage options, such as:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business auto insurance protects your gym or fitness center from financial hardships caused by auto accidents. If you or an employee is involved in an accident while driving for business purposes, your auto insurance policy will pay for vehicle repairs, medical bills, and ongoing related expenses.
Workers comp insurance pays for your employee’s medical care bills when they are injured on the job.
Commercial umbrella coverage is business insurance for worst case scenarios. If your regular business insurance policies reach their maximum payout limits, commercial umbrella can provide additional coverage above and beyond those levels.