Gym and health club insurance offer a range of coverage which a gym or health club should opt to mitigate the probable risk occurrences that could conceivably cause harm to someone or your clients. There may also be the case of damage to your own gym property. Following are the types of claims which can be covered under gym and fitness studio insurance:
1. Third party liabilities claims: Claims related to bodily injury or property damage to someone, might be a visitor or a gym member are covered under gym insurance. Risk of injuries or accidents occurring to the third party within the gym premises can be mitigated by opting general liability coverage under fitness studio insurance. For example, A slip or fall due to water on the gym floor can be covered under third party liabilities as the incident occurred within gym premises.
Case Study: A car parked outside the gym premises got damaged as one of the clients mishandled the faulty machinery which resulted in the break of plated glass that fell down on a car. The roof of the car got damaged badly. The owner of the car sued the gym owner for the loss. In such case, if gym owner has gym insurance policy, he will get coverage against such claim.
2. Error and omission claim: Professional indemnity claims such as incorrect advice, given by a personal trainer resulted in damage to the client, can be covered under gym and health club insurance. Any negligent act resulted in client’s loss or damage might be reported and can invite a claim of professional indemnity against gym owner. It is important for every fitness professional or trainer to buy the gym liability insurance policy. Defence cost and settlement cost will be covered under gym and health club insurance.
Case Study: A professional gym instructor recommended a diet plan to one of its clients in order to reduce weight. The gym instructor was not aware of the health conditions of the client and recommended the diet plan in combination with heavy weightlifting which ultimately impacted negatively on client’s health and leads to various critical disease. The client sued the gym instructor for such negligence and asked for compensation. In such cases, gym insurance provides coverage of defence cost against the lawsuit.
3. Property Claims: Any damages to the property or gym equipment due to fire or other natural perils are covered under gym and fitness studio insurance policy. One can cover business interruptions, burglary cover, machine breakdown cover, plated glass, under property coverage offered by gym insurance. Repair or replacement cost are provided by the insurer to restore the former financial stability in case of property damage due to such perils. Repairing of gym equipment and machinery consume hefty costs and can wipe out all the savings so it is beneficial to buy gym insurance for a long haul.
Case Study: ABC fitness studio is a reputed gym centre. It has various tech-friendly gym equipment, weightlifting machines, treadmills. It is popular among youth for being highly updated in terms of technology and automatic gym equipment. The gym faced a disastrous mishap as all its expensive and exclusive equipment have been robbed off. The gym filed the theft and burglary claim under gym insurance which saved the ABC fitness studio at the time of such an incident. It is important for every gym owner to look out for the crucial coverage available in comprehensive gym insurance and if not available, one should take this coverage as an extension.
4. Employee Practices Liability Claims: A gym owner might get sued by his employees against workplace injuries or sexual harassment so, in order to safeguard yourself as a gym owner, you should buy employee practices liability insurance. To gain security and financial protection against employee-related lawsuits, EPLI coverage should be included in gym insurance policy.
Gym and health club insurance can tackle professional indemnity claims, property claims, and general liability claims. In order to get exclusive coverage as per the risk profile of location or services offered in your gym, you can always include an add-on cover in your comprehensive gym insurance policy.