The equipment has been moved in, the staff has been hired and the new gym is set to open soon. However, before the doors swing open to welcome the public, it is imperative to protect the gym owner, its employees and its customers with the proper insurance coverage. Purchasing a strong policy that is tailored to meet the strenuous demands of the fitness industry is the best move a gym owner can make. This not only protects the gym owner. It also assures the public that the establishment is an ethical, professionally owned establishment that means serious business.
Insurance rates and requirements can vary from state to state. Consulting with an independent insurance broker is a good idea when trying to figure out exactly which insurance will work best for a particular establishment. The professional broker can help any gym owner choose the best options for that gymâ€™s particular operation. A high impact, weight-oriented gym that has a lot of high tech equipment might require greater coverage than a simple yoga studio.
Generally speaking, one should consider purchasing not only liability insurance, but also unemployment insurance and workmanâ€™s compensation as well. Workmanâ€™s compensation insurance covers The private broker can explain the options and help gym owners choose the insurance policy that can optimize coverage for the most reasonable price.
As unfortunate as they are, accidents can happen in even the best of circumstances, regardless of any safety precautions that are put into place. Protecting oneself and the gymâ€™s assets has never been more important than it is now. This is why it is crucial to purchase gym insurance coverage that protects the owner against bodily injury that can arise from rendering, or even failing to render, appropriate services.
A gymâ€™s reputation is everything in todayâ€™s competitive environment. In addition to general liability insurance, professional injury liability insurance helps protect the gym owner from lawsuits that involve wrongful invasion of privacy, slander and libel.
Professional liability policies are also known as Errors and Omissions insurance policies. These policies cover court judgments against the gymâ€™s owner that result from an unintentional error by the owner or his or her employees. For instance, if a gym employee neglects to inform a pregnant woman that certain equipment is not safe to use during her pregnancy and that woman injures herself using it, she can sue for damages.
Employment practices liability insurance is another essential type of insurance that is essential to a gym owner. This protects him or her from lawsuits filed by disgruntled employees that may sue for wrongful termination, sexual harassment or any type of discrimination that occurs at the workplace.
The successful independent gym will have the latest in body building equipment and will be located in a well-maintained building. Because of this, insurance should include coverage for all equipment, any devices attached to ceilings or walls, such as bars or mirrors, gym furnishings, flooring, lockers and the locker rooms themselves. Most independent gyms also use computers that also need to be covered. If the gym has a pro shop or cafÃ©, these will need to be covered as well.