subject: Stay In Business By Protecting Your Business [print this page] Stay In Business By Protecting Your Business
If you own your own fitness center or health club, you must invest in sports and fitness insurance. There are several different packaged policies tailored to suit the needs of fitness centers around the nation. A sports and fitness insurance package will include liability insurance for you, your employees, and property insurance coverage for the premises. Electing not to carry a comprehensive insurance policy can land you in hot water in the event of an unforeseen claim. While you will be required to pay monthly or annual premiums purchasing insurance is well worth the cost even if you only face one claim. Understand the different types of insurance packages available and make an investment for the future of your business.
Sports and fitness insurance package are designed to cover a facility or an individual trainer. If you are club owner, you will need to invest in a policy providing you with employer's liability, third party liability, and property coverage. If you are an independent fitness trainer, you will need to invest in a separate physical trainer policy that is designed to cover individual liability exposures that are excluded in a packaged policy.
Sports and fitness insurance policies can be tailored to meet the needs of individual clubs and group fitness trainers. If you are a club with a swimming pool and various other fitness activity centers you will need to build a policy that will cover each exposure. Because these policies can be very complex, it is strongly recommended to meet with an insurance agent face to face before you make the investment. An experienced insurance agent will know the ins and outs of commercial fitness insurance plans and will be able to advise you on coverages you should add or exclude.
Going without fitness liability insurance is very risky. In a fitness center environment a liability claim can occur in seconds. Injuries, property damage, sexual abuse accusations, libel, slander, and false advertising are all covered in the liability portion of your plan. If you fail to invest in adequate coverage, you can be sued for everything you have. Liability insurance will pay for legal fees, settlements, and judgments up to the limits stated on your policy. The insurance provider will defend you when you are sued taking the burden off of your shoulders.
If you are a small fitness center you may not have a preferred provider that offers insurance specifically tailored for your club. If this is the case, you will need to meet with commercial insurers on your own to discuss your club and your budget. Do not compromise adequate coverage for lower premiums. Do your research and take time out of your day to bind adequate sports and fitness insurance for your business.
