Insurance for Sports and Fitness Businesses
If fitness and sports are your passions, owning a gym or other fitness-related business could be a dream come true. But to avoid your dream turning into a nightmare, you need to be sure you have the proper insurance coverage for your sports-related business.
There are unique considerations for fitness-related businesses, whether you are a personal trainer, own a cross-fit gym, or have a boutique fitness center like Orangetheory. Fitness insurance is a niche business – make sure you have proper small business insurance in place.
Read on to learn more about the right coverage to consider for your sports-related business. Then, contact the experts at Fusco & Orsini Insurance Services to learn more.
Do you Have the Right Insurance for Your Sports-Related Business?
Sports and fitness businesses bring with them unique challenges and exposures. Because of their distinctive nature, customized insurance solutions are essential.
General Liability – A general liability policy is basic liability coverage to insure against accidents that happen in your fitness center or gyms, such as slip and falls. Gyms can be dangerous environments with many hazards ranging from pools to wet and sweaty locker room floors.
Commercial Property Policy – A commercial property policy can help cover you against damage to buildings and their contents, like gym and sports equipment. Loss of income and additional expenses may also be a part of the commercial property policy.
Professional Liability (Errors & Omissions) – Professional liability cover can help protect against claims of negligence against professional gym staff like trainers. For example, suppose a personal trainer is working with a client who gets injured performing an exercise under the trainer's direction. In that case, professional liability coverage can help protect the facility and trainer.
Workers' Compensation – Like any other business, you will need to carry Workers' Compensation insurance if you employ people. Your employees may be more likely to be injured while at work given the nature of your business, which makes having the right workers' compensation cover even more critical for gyms and fitness studios.
Employment Practices Liability Insurance – An Employment Practices Liability policy is essential for your fitness-related business if you have employees. EPLI protects against claims for such things as wrongful termination, discrimination, and sexual harassment. The policy also affords coverage for legal fees and defense costs associated with these types of business liability claims.
Cyber Liability Insurance – Cyber liability cover may be necessary for your fitness-related business. If you do business online or keep customer information in databases, cyber insurance is essential. Criminals can shut down your business and steal private customer data and hold it for ransom – having cyber insurance can help protect against this growing risk. Cybercriminals target small companies because they assume a small business is an easy target. A cyber incident can be expensive and time-consuming and can cost you, customers, when they learn their private information was compromised.
Equipment Breakdown – This coverage can help an integral piece of machinery break down and causes an economic loss while it is out of operation. Equipment breakdown can help cover losses to heating, air conditioning, electrical, and other business equipment systems.
Excess Liability – A commercial umbrella policy can be critical, depending on your business size and function. Excess liability policies protect against losses that exceed the limits of your underlying policies. They provide an extra layer of protection if a significant loss exhausts your primary policy. While this is scary to think about, having the proper protection gives peace of mind against this type of catastrophic claim.
Life Insurance – Depending on your gym or fitness-related business' ownership structure, life insurance could be critical. If you have partners or a board controlling the business, life insurance is essential to the business's survival should a partner pass away.
There are many different types of coverage to consider for your fitness or sports-related business. Comparing your options and shopping around for the right coverage for your needs can save you money.
The Fusco & Orsini Insurance Services experts can help when you are ready to shop for commercial insurance.
How do I Learn More?
Now that you know more about your fitness business's insurance, you can contact the experts at Fusco & Orsini Insurance Services for more information. Our licensed professionals will be happy to answer any questions you have.