Health & Fitness Business Insurance—Keeping Your Business in Tip-Top Shape
Who knew that running a business centered around healthy living and fitness would be so fraught with risk? If you own a gym or operate a health club, then you do. Every day in the U.S., thousands are treated in hospital emergency rooms for sport-, recreation- and exercise-related injuries. That makes carrying health and fitness business insurance all the more critical to keeping your business in tip-top shape.
At the Thomas Ward Insurance Group, we know the perils your business faces every day. Minimizing risk of injury to clients by maintaining your exercise equipment and hiring qualified trainers and staff is wise, but it may not be enough to protect you.
Coverage with some muscle
Whether you own a huge fitness center or a small yoga studio, your Health & Fitness Business Insurance needs to have enough muscle to protect your enterprise. Coverages to consider include:
- Gym liability: This involves several areas of coverage including general liability that covers bodily injury and property damage; professional liability that covers your staff (i.e., a client is injured after following a trainer’s advice); product liability (i.e., protein bars or sport drinks sold at your facility); and employees practices liability (i.e., protection from alleged charges of sexual harassment, discrimination, etc.)
- Property coverage: Of course, you’ll want coverage in the event of damage to your facility, whether that comes from fire, vandalism, or weather-related events.
- Equipment coverage: Those treadmills and stair climbers aren’t cheap. You’ll want coverage that will assist you should your equipment break down.
- Workers compensation: Gym employees are more likely to be injured on the job than someone who works in an office. You need to be sure workmen’s comp is in place in the event of a workplace incident.
- Supplemental liability: Does your facility have tanning beds, rock climbing walls, swimming pools, hot tubs, or saunas? You’ll want to consider supplemental liability coverage to protect you from the very specific risks that these types of equipment present.
- Umbrella coverage: This provides you with excess liability coverage once your standard liability cap has been reached. It works as protection for a large liability lawsuit.
A Weight Off Your Mind
The licensed professionals at the Thomas Ward Insurance Group know that having the right kind of protection for your gym is going to be a great weight off your mind. With our many carriers, we’re able to put together the best kind of insurance to protect your specific business needs. Call the Thomas Ward Insurance Group at 312.254.1500 today to get a quote or reach us online to learn more about health and fitness business insurance.
