When it comes to owning and operating a health club it is important to protect your club against financial loss. When you own a business in the fitness industry, you face unique risks. It is your job to motivate people and to push them beyond the limits to lose weight. You even advise your clients on the proper meal plan, how much to sleep, and what types of exercises are best. When you think about it, an upset client can truly damage your reputation and your business if they file a claim. Sports and fitness insurance plans protect you from these claims. Understand the various coverage options available and make sure you are protected.
Property Insurance
Sports and fitness insurance plans offer property insurance. Property insurance includes a variety coverages designed to protect where you operate. If you are renting a commercial building, the insurance plan will provide coverage for tenant improvements. Property insurance will also cover your business property. This includes your gym equipment, furniture, computers, and everything that is not permanently attached to the building. Files and monies are covered up to a limited amount. You will need to review the policies you are considering to see what risks are covered. Most policies provide coverage for fire, theft, vandalism, wind, hail, natural disaster, explosion, and civil riot.
Employment Practices and General Liability
You must protect yourself to prevent unfounded litigation. Sports and fitness insurance policies also provide coverage in the event the accusations against your company are founded. General liability insurance will pay a third party in the event you are deemed negligent for causing injuries or damages. These could be caused by the club as a whole or by an individual employee. If your insurance company feels that the claims are unfounded, they will pay to defend you in court. Going through a lawsuit without protection could truly damage your reputation and your business.
Worker's Compensation
All businesses in every state are required to carry worker's compensation insurance. This insurance will pay for medical bills, disability income, rehabilitation, and death benefits if your employee is injured or killed in the course of doing business. When an employee accepts benefits, they sign away their right to sue your company for injuries. Carrying worker's compensation protects your business just as much as it protects your employees. Make sure you provide adequate details on payroll to ensure you are charged correctly.
Sports and fitness insurance is a specialized commercial policy offering extensive coverage. When you own a business in a risky industry, you should pass the risk on to someone willing to take it. Several commercial insurers do business in the fitness industry. Choose a reputable insurer and pass on the risk.
Property Insurance
Sports and fitness insurance plans offer property insurance. Property insurance includes a variety coverages designed to protect where you operate. If you are renting a commercial building, the insurance plan will provide coverage for tenant improvements. Property insurance will also cover your business property. This includes your gym equipment, furniture, computers, and everything that is not permanently attached to the building. Files and monies are covered up to a limited amount. You will need to review the policies you are considering to see what risks are covered. Most policies provide coverage for fire, theft, vandalism, wind, hail, natural disaster, explosion, and civil riot.
Employment Practices and General Liability
You must protect yourself to prevent unfounded litigation. Sports and fitness insurance policies also provide coverage in the event the accusations against your company are founded. General liability insurance will pay a third party in the event you are deemed negligent for causing injuries or damages. These could be caused by the club as a whole or by an individual employee. If your insurance company feels that the claims are unfounded, they will pay to defend you in court. Going through a lawsuit without protection could truly damage your reputation and your business.
Worker's Compensation
All businesses in every state are required to carry worker's compensation insurance. This insurance will pay for medical bills, disability income, rehabilitation, and death benefits if your employee is injured or killed in the course of doing business. When an employee accepts benefits, they sign away their right to sue your company for injuries. Carrying worker's compensation protects your business just as much as it protects your employees. Make sure you provide adequate details on payroll to ensure you are charged correctly.
Sports and fitness insurance is a specialized commercial policy offering extensive coverage. When you own a business in a risky industry, you should pass the risk on to someone willing to take it. Several commercial insurers do business in the fitness industry. Choose a reputable insurer and pass on the risk.
