As in most of the cases, fitness professionals, like sports coaches, personal trainers, exercise class instructors, etc.; work for themselves, they could forget or avoid buying insurance. However, there are various risks which fitness professionals should be aware of. Like clients tripping over at gym, or dissatisfied clients file a legal suit against you for lack of progress or a chronic injury they blame on your training techniques, etc.; are some of the unexpected events which can arise. Sadly, such cases can be costly and potentially destructive towards your business.
While some events can be controlled by being extra cautious, some situations are beyond your control. Therefore, to get coverage against these unexpected events, it is essential that you buy gym insurance, which is a unique combination of various insurance policies that are important for your business. Here are some of the insurance coverages which you can get if you have a gym insurance:
1.Public Liability Insurance
It is considered as one of the important insurance policies which covers the legal costs and expenses which a fitness professional may incur while defending itself in the court.
The public liability insurance gives peace of mind knowing that if one of your clients slip on the floor while working out or injure themselves at your gym while working under your supervision, you will be given the complete coverage in the event if they hold you personally liable and file a claim against you.
While a sprained ankle may look like a minor injury, it can lead to extensive soft tissues and by the time you consider the legal costs as well, it can turn into a significant amount.
2.Professional Indemnity Insurance
While public liability insurance will offer you coverage in case of slips and trips, it will not offer coverage for claims which arise from an allegation that you may offer an inadequate service to your customers. This is where it is necessary to have a professional indemnity insurance as the policy covers costs and expenses which are involved in defending a claim along with compensation payments.
Irrespective of the fact how good you are as a fitness professional; the fact is that not every client will be able to achieve its goals. Some clients will walk away without a fuss and accept that it is their responsibility to achieve their goals. However, there can be such clients who may feel that you should have given a better service and therefore, they may take all necessary legal actions against you to recoup losses.
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This situation can especially arise if you have offered a guaranteed weight loss program within a certain period. Whatsoever could be the reason for filing a lawsuit, the truth is that it can turn out be costly to defend, which makes, it is essential to purchase professional indemnity insurance for every fitness professional.
3.Employer’s Liability Insurance
If you are a self-employed fitness professional or work alone, you don’t require employer’s liability insurance. However, even if you are employing one person, it is necessary to purchase employer’s liability insurance policy. The policy will ensure that anyone of your employee is covered should they be injured or fall ill while discharging their professional duties. It means the insurance policy offers you coverage against various claims like your employee drops weights on their foot or slips on the workplace. Importantly, employer’s liability insurance can help you by providing you coverage against sudden events, like your employee being assaulted by your client while they are working on your gym premise.
4.Directors’ and Officers’ Insurance
Whether you are working as a solo fitness professional or with a few colleagues, many leading fitness professionals move into being established as a limited company under the assumption that it will give them complete protection.
However, in the event of mismanagement in the running of the company, it is necessary to note that being a director will not make you less liable. It is increasingly becoming common that various claims and another form of legal actions are being brought against individual directors and officers. These claims can be filed by any party, including the government organisation or investors who may not be happy with the returns which they have received.
The coverage available under Directors and Officers’ Liability Insurance can be highly useful for those fitness professionals, particularly those who have wealthy or famous investors.
So, buy a comprehensive gym insurance policy at SecureNow, a leading corporate insurance advisor.