Being an owner of a fitness or health club, your prime responsibility is the safety and health of your customers as well as employees. Well, one of the responsibilities that you guys fail to consider is your own safety. And safety not just physically but financially too. Here are a few insurances that you should be aware of before you sign in for fitness business insurance.
General Liability Insurance
In case you are negligent towards your employees, services, and property then this insurance is for you. This fitness business insurance includes bodily injury, property damage, and any harm caused inside the premises because of your gym equipment or any other similar stuff. Under this insurance, you and your business are safe from the unexpected demands of patrons who are working on your premises about the coverage of harm caused to them. If you hire a personal trainer, yoga instructor, or any independent contractor then this insurance is a must for you. You need to make sure that the employees you hire have this certificate of insurance that covers general liability so that they can not demand anything more than a fixed amount for the incidental medical practices.
Professional Liability Insurance
This fitness business insurance assures you the coverage of claims where your employees are acting on your behalf. Most of the time when you are not available at the moment, your employees try to be your brand’s face. And that is when problems arise. Many people including your trainers, dieticians, therapists, and so on start considering your gym as their own and make several spontaneous decisions that may not be in the best interest of your customers. In order to protect you from their performed actions on your behalf, professional liability insurance comes into action. It protects you from any claim against your brand name that is not performed by you or is done in your absence.
Business Income Insurance
If your fitness studio needs some time to cope up with some unexpected changes then business income insurance comes into action. Out of all the fitness insurances, this is one of the most relevant insurance. Whether you and your fitness business are a victim of a flood, fire, or any other emergency then all you need to do is rely on extra expenses coverage insurance. In order to overcome such situations, you need to relocate your facilities temporarily. And such relocation demands an extra penny. This is when business income insurance comes into action. This insurance allows you to relocate your fitness business for the time being so that your brand does not get diminished and you do not lose on your valued customers.
Compensation Of The Workers
For all fitness business owners, this is one such insurance that can protect you from the false claims made by your employees and workers that are associated in any way with your fitness business. Employee injuries that occur during their course of employment are your responsibility. Therefore you need insurance that protects your rights and allows a fixed amount to be sponsored for the injuries. And worker’s compensation insurance is all about that. Through this, you can also review what falls under the sponsored injuries and what not.
