If you run a health or fitness club, then you know that you need a particular kind of club insurance that works specifically for your industry. You need to cover your facilities and the equipment used within those facilities. You will also need to make sure trainers or instructors are also covered whether they are in the facility or working at some other site. You may also need other forms of coverage such as bonds, business income, employment-related practices, inland marine, umbrella coverage and workers’ compensation in addition to general and professional liability coverage.
For instance, employment-related practices can cover a variety of issues that involve potential, current and former employees. You are protected from claims such as breach of contract, disciplinary issues, failure to promote, mismanagement of benefit plans, sexual harassment and wrongful termination. Similarly, you can get a workers’ compensation policy to cover cases of injury or disease including death benefits, lost wages with the inability to work, medical expenses, permanent disability and rehab. You can also avoid lawsuits that may arise from accidents and injuries that occur on the job.
Another aspect of club insurance you need to consider is inland marine insurance. This type of policy protects your equipment or goods as they are being transported. Gym equipment can be a costly investment, so you definitely want to have it protected in all scenarios. This also includes coverage for equipment breakdown. If your equipment fails, it could result in you turning away clients or even having to close down your business for a time. You want to protect your equipment from the time you order and long after it has been set up for use.
Of course, you will need the proper property insurance to help keep your facilities maintained and in good working order. You want all areas of the facilities from the office spaces to the workout areas to be intact always. You need a policy that can help you properly maintain the locker rooms and other areas of the facility. You will also need some insurance that can cover you in cases of burglary, theft and vandalism since health and fitness clubs are sometimes targeted for these kinds of activities.
As you consider club insurance to protect your business, you need to look for insurance companies that not only specialize in business concerns but also understand the insurance needs unique to the health and fitness industry. There are many areas that need protection, so you have to make sure you take each one under careful consideration. From your employees and equipment to your property, you need insurance coverage to anticipate any problem that can interfere with the running of your business to keep it going strong.
Visit Club Insurance for more information or visit our blog at http://baxter-house.com/all-about-club-insurance/.
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