A health club should feel relaxing; however, when your health club does not have the right levels of insurance, it can be far from stress-free. In many ways, a gym requires the same essential coverage as other businesses. However, health clubs come with their own specific risks that need to be addressed for the sake of the business and protection of your customers.
As gyms and health clubs are a growing business, you need to make sure your company offers the right level of protection that ensures you provide more than your competitors and provide peace of mind for your customers. Health club insurance can also provide vital support for your business in case of any unforeseeable events. So, what do you need to look for with health club insurance in the UK?
Seven types of insurance that your health club needs in the UK
- Employer’s liability
First and foremost, for any business that employs staff, it is a legal requirement for you to have employer’s liability cover. By law, insurance for most businesses must cover £5 million of indemnity, although this can vary. When considering most gym and health club insurance, employer’s liability will be included as standard, but it is essential to compare insurers to find the best deal.
At Compare Insurance, we can help to make sure your quotes have the appropriate level of indemnity cover and are a cost-effective solution for your business.
- Public liability
As everyone in the health club industry knows, accidents can happen. With consumers, if they are injured because of your health club, then they can claim compensation. Public liability insurance protects your business should anyone claim that your health club was negligent, resulting in an injury to a customer or third-party. It will also cover damage to property of a customer or third-party too.
- Professional Indemnity
In the UK, professional indemnity insurance is one of the key covers that many gyms and health clubs don’t consider.
However, professional indemnity is essential if your health club offers trainers, advice or instruction. If a customer follows your information and, as a result, receives an injury, then professional indemnity will cover you. Many health clubs believe public liability will cover this problem. However, this only includes injury.
Professional indemnity protects you and your instructors from claims that your advice led to the injury. To make sure your business is not caught out, it is best to have both policies in place.
- Business equipment
The luxury experience that your health club provides is one of the reasons that your guests visit your premises. If your specialist health club equipment, such as fitness machines are not working, then you may lose customers. To protect your business longevity and your pocket, then business equipment insurance may be an essential part of your health club cover.
If your health club equipment is damaged or stolen, then business equipment insurance can help to replace items quickly so that you continue to offer guests maximum enjoyment at your facilities.
- Business interruption
Having your health club close due to unexpected events can destroy your business by damaging the reputation and losing vast amounts of money. With business interruption insurance, you make sure that your business can keep earning and pay the bills, even if the health club cannot open due to unforeseen events such as damage caused by floods or fire.
When choosing business interruption cover, make sure to compare quotes based on the length of time they will expect you to be closed before they issue payments, and the length of time they will cover you for
- Supplemental liability
While most business insurance is relatively straightforward, there will be aspects of your health club which may be outside the terms of your insurance policy. You may need to check or seek further cover for elements such as hot tubs, spa pools and saunas as well as swimming pool coverage and smaller items such as tanning booths and massage tables.
Fortunately, specialist insurers will be able to offer you supplemental liability for all of the aspects of your health club, but you do need to list all activities to ensure that you are covered for every eventuality.
- Buildings and tenant insurance
If you own the health club premises, then it is wise to protect the building with insurance. This can help you to rebuild aspects if damaged by events such as floods, storm or fire damage. If you lease the structure for your health club off a landlord, then you will need to check the insurance they require you to have.
For commercial buildings, landlords will often ask the business for insurance to cover glass replacement as well as damage to the property which can occur when the tenant converts the space to suit their health club requirements.