3 Strategies for Purchasing the Right Fitness Center Insurance

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Woman on treadmill

Owning and operating a small business comes with a fair bit of risk. You have to keep an eye on your liquidity, local laws regulating your operations and work to find and retain top talent to keep things running smoothly. And, if you own and operate a fitness center, you know that also demands its own unique set of considerations.

From a financial perspective, running your own gym can offer a remarkable upside. You can enjoy a relatively steady income stream and the variable costs are more contained in comparison to other industries. While there are considerable benefits associated with owning a fitness center, you do need to protect your investment.

If you’re shopping around for fitness center insurance coverage for your facility, here are a few things to consider to ensure your business is adequately protected.

(1) Consider your risk of guests experiencing a serious injury.

According to the Centers for Disease Control (CDC), emergency rooms treat 10,000 patients every day for sports, recreation and exercise (SRE) injuries.

Given that these types of injuries are so common, it’s a good idea to ensure that your insurance policy can protect you and your guests in the event there is a serious accident.

(2) Evaluate the risks associated with regular equipment use.

If you’re concerned about safety and risk management, you likely invest a good amount of time and money into training your staff. But, even with the most comprehensive safety plans, you also need to factor in the risk of equipment wearing down and even possibly breaking. When consulting your insurance agent, you should carve out some time to talk about the equipment you have at your facility and the type of coverage you need to cover the inherent risks associated with using weight-bearing and cardiovascular equipment.

(3) Ensure that you’re mitigating the risks associated with your staff.

Employee practices liability insurance is designed to protect owners in the event that your company is accused of sexual harassment, discrimination or adverse employee management practices. If you own and operate a business that employs a large staff, it’s important to think through that aspect of your operations when crafting your commercial insurance policy.

Employee practices liability insurance is designed to protect owners in the event that your company is accused of sexual harassment, discrimination or adverse employee management practices. If you own and operate a business that employs a large staff, it’s important to think through that aspect of your operations when crafting your commercial insurance policy.

Fitness Center Insurance Coverage

Protect yourself and your commercial investment with the right commercial insurance policy. The John Bailey Company can help you get the right coverage to protect your from theft, property damage, liability, and employee injury. And, we can help craft a fitness center insurance policy that is customized to meet your needs. Give us a call and we can help walk you through the different types of commercial insurance options available and help customize a policy to meet your budget. Call (865) 524-0785 to learn more about your commercial insurance options.

 

 

 

 

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Author: Brandon

Farragut High Grad, Ole Miss Rebel, Certified Insurance Counselor – CIC, Specialty Insurance Lover, Past Outdoor Insurance Underwriter, Co-Founder successes – Young Professionals of Knoxville, Knoxify.com, 2011 Dogwood Arts Festival Co-Chair. Lucky husband and dad to 3 sweet girls.

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