Pilates Studio Insurance
As the owner of a Pilates studio, you are in the business of helping people stay fit and feel good. In spite of the fact that you have your customer's best interests at heart, accidents can happen. For this reason, you need to have a good small business insurance policy. Your customers are putting their bodies in your hands and they trust you to take care of them. If something goes wrong and an injury or other event occurs, you and your business are liable.
Pilate Studio General Liability Insurance
The most basic part of your commercial business insurance is general liability. At a minimum, you should have this type of coverage, which protects you from a variety of risks. With customers coming and going from your studio every day, the possibility of an accident is real. General liability will help you cover costs from a wide array of occurrences, such as injuries, property damage, or legal claims.
General Liability Policy Includes:
- Premises Liability - Chances are good that eventually someone will be injured in your studio. Simply because of the nature of the business, a customer is bound to get hurt on the equipment or in some other way. With premises liability coverage in your business insurance, you will have coverage for the resulting medical costs.
- Products Liability - If you sell any products in your studio, like towels, water bottles, and mats, you will need this portion of your commercial insurance. Products liability helps pay for costs associated with faulty products. For instance, if you sold someone a water bottle and it was contaminated and makes them sick, you will be covered for resulting medical care or litigation costs.
- Completed Operations - If a customer claims injury or harm from your services after a contract has been finished, you will be covered by completed operations. This part of your commercial business insurance covers you financially and legally from such claims.
Pilate Studio Business Owners Policy
A business owners policy, or BOP, is a small business insurance policy that you can purchase as a package. Because businesses are different, not one size of insurances fits all. With a BOP, you have the chance to pick and choose the business insurance coverage that makes sense for a Pilates studio. Your BOP will automatically have general liability coverage, but you can also choose to add vehicle coverage, employee dishonesty, valuable papers, building coverage, data coverage, and much more optional coverages.
Pilate Studio Workers Comp
If you employ anyone in your Pilates studio, your commercial insurance policy will need to include workers compensation. It is a requirement in most states and helps to prevent litigation costs when a worker becomes injured or ill as a result of the work environment. For instance, if one of your instructors is injured while teaching a class, this will pay for the cost of their care and recuperation.