The health and fitness industry is one which seems to be growing in popularity.
However, with this comes the responsibility to keep all patrons safe while they are enjoying your facilities and achieving their fitness goals. The primary goal for gyms and fitness centres is to keep everyone safe and healthy, which is why gym insurance is imperative to help protect your business and customers in the event of an accident.
Is gym insurance compulsory?
For gyms, like any other business, there is a legal requirement to have insurance if you employ any staff members. For this, your business legally requires employer’s liability insurance to protect team members in the event of any accident or injury while in their place of work. Other than employer’s liability insurance, you have a choice of covers that you may wish to include depending on the size of the gym and the individual risks that your business may face.
How much does gym insurance cost?
Gym insurance cost will vary depending on the size of your business and the cover you wish to include in your policy. If you only choose the compulsory cover of employer’s liability insurance, you can find a policy that is relatively cheap. However, with this, you do have to keep in mind the cost to your business should potential risks occur. For example, if a customer is injured by using faulty gym equipment, does your company have enough money to cover compensation, legal fees, and lawsuits?
When you are deciding on how much you want to spend on insurance, it is always best to think about what your business can afford not to be covered by. For most gym and fitness centres, a greater coverage in their policy can help to protect their business from a wide range of risks and the related costs of unexpected situations.
Some of the covers you may wish to include in your gym insurance may increase the cost of the insurance slightly but may offer a great deal of value which can help to keep your business successful in the event of an expensive situation resulting from an unfortunate accident.
What cover can you include in your gym insurance?
One critical aspect for gyms, in particular, is public liability insurance.
Public liability insurance will cover your business should someone suffer an injury or has damaged property as a result of your business. With public liability insurance, your insurer will cover compensation and legal fees if it is found that your business is responsible for damage or injury to visitors of your business.
Another important cover is buildings and contents insurance. When considering this insurance, you must first consider if you can rebuild your business and replace expensive gym equipment and facilities if your business is damaged or destroyed. If your business cannot afford this, then this cover may be invaluable and can keep you in business after events such as fire, flood, and vandalism.
Should your business suffer from a fire, flood or another event that causes your gym to close, then business interruption insurance may also be necessary to financially compensate your business and help you to get your gym back up and running again as quickly as possible.
With expensive, high-tech gym equipment being highly desirable and often highly used, then business equipment insurance could be a great help too. Business equipment insurance can help to ensure gym equipment is always present and functioning at your gym. Should exercise machines or gym equipment be damaged or stolen, then this cover can help to pay for the necessary repairs and replacements.
What is the true cost of gym insurance?
When thinking about the short-term cost of insurance, it is also wise to think about the long-term costs. For example, a gym that takes insurance seriously will give greater peace of mind for both staff and patrons of your gym. This can not only increase your profits by boosting your reputation, but it can cover unforeseen events that your business may not be able to afford.
Customers may be more comfortable and trust a business which puts their concerns, health, safety, and possessions first. In fact, showing customers that they are your priority, can help to improve your client base and they, in turn, may recommend you to their friends based on your gym and its principles of putting them first.
Another reason why gym insurance is so important is your equipment. If customers come flocking to your gym to use the latest state of the art machines or there is a particular machine that is most popular then having it out of action could lead to a customer decline and decrease in membership. With business equipment insurance, you can ensure all of your machines are in working order and available to keep your fitness clients happy.