Health and Fitness Business Insurance Coverage
If there is one business that makes insurance coverage its number one priority prior to starting its operations, it is a high-risk business like the sports, health and fitness gyms, and studios and franchises.
Any business in this industry should be covered for a multitude of risks and in many cases carry more than one insurance policy to cover all of them. This includes the following:
- Liability coverage: If a client or a delivery person trips on the doorstep at your gym or fitness studio, there’s a chance you could be blamed for the injury. If the person sues, you could end up paying for medical expenses and legal fees. General liability insurance helps pay for medical bills, attorney fees, court-ordered judgments, and funeral expenses for fatal accidents.
- Property damage: This coverage is designed to protect the sports and exercise equipment, office furniture and fixtures, your building if you own it, and more. This coverage also extends to cover damage caused by theft, vandalism, or weather events, it can protect property from incidents that occurred outside of your place of business.
The above two coverages are a must for health and fitness business owners. Other coverage options and endorsements are available and should be discussed with your agent to make sure your policy covers or allows you to add them at a cost or in some cases obtain a separate policy if they present an exposure for your business:
- Loss of income: if your business has to be closed due to a fire, for example, you would be at a financial loss without business interruption coverage so make sure this coverage is included in your business policy or ask your agent for an endorsement to be added to your current policy.
- Errors and omissions: This policy provides liability coverage for client injury due to improper instruction, failure to deliver promised results, or accusations of negligence
- Workers’ compensation: covers medical costs and lost wages for work-related injuries and illnesses. This policy is required in almost every state for businesses that have employees.
- Commercial auto: if your business owns a vehicle you or your employees use for business purposes, you might need to obtain a separate commercial auto policy.
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