Placing Gym Coverage and How NEXO Can Help Insurance Brokers

Fitness is an integral part of everyone’s health and the market is currently saturated with more fitness facilities than ever. Going just a few miles down a busy street, you might see 10 or more fitness centers. They vary in shape, size, and methodology, but they all have one thing in common aside from health – they need insurance!

$96.7 Billion – this is approximately how much the health club market is worth in 2021. Amongst the 41,370 fitness facilities in the United States, they generated over $35 Billion in revenue during 2019. Between 2020 and 2021, there was a 4.5% increase in fitness locations, even with COVID-19 going on. This industry is booming and has been steadily since about 2008.

If you are looking to place fitness insurance for a client, working within a new niche can be a steep learning curve so let us do the heavy lifting for you!

Our Wholesale Programs

We’ve seen a lot of success over the years and we would now like to share that success with other brokers. We’ve started a wholesale program with Great American Insurance’s Specialty Human Services Division and are also the exclusive MGA for the CrossFit Risk Retention Group, specific to CrossFit Affiliates. Both programs are available through NEXO to brokers across the U.S. and their clients.

Working with a wholesaler eliminates quite a few administrative issues for a smaller agency. It eliminates:

• The need to meet minimum premiums to get an appointment with a larger insurance company.
• Shopping for coverage – we work with nearly a dozen different carriers that place coverage for fitness facilities so we can ensure that you are getting the best coverage for your client. If we know of a better alternative for coverage, we will let you know!
• Over a decade of knowledge and experience within the fitness insurance industry with transparent communication.
• Access to unique programs with competitive prices – We’ve worked with Great American to create exclusive and competitive Participant Accident and Property programs for our clients that you won’t be able to find anywhere else in the country.

How Can We Help?

There is a lot to consider when working with fitness insurance. Aside from the basics, what does my client need? Are there any additional coverages that they should be considering in excess of the bare bones? What limits are preferred? What is a reasonable price-point that I should be looking for in quotes?

Having worked with fitness facilities for over a decade, NEXOFit has seen it all (or we like to think at least most of it) – from mobile gyms, franchises, independent gyms, big box gyms, to Ninja Warrior centers that have obstacle courses. This experience has enabled us to be fine-tuned to what clients need and by working with a niche broker, we will help guide you through all potential coverage issues. We do this by recommending the lines of coverage that the insured needs and offering competitive and comprehensive coverages. We are also happy to provide cost and coverage comparisons to any competing quotes you may receive to ensure that you are providing your client with the best option available to them.

Resources

We have a comprehensive Support Center  that offers answers to our most asked questions and a full Resource Library which includes sample waivers, employee handbooks and more. Feel free to download copies and share them with your clients.

We also add to our blog weekly with insurance recommendations and things to look out for in the fitness industry.

As an insurance agent, it won’t matter whether you are a fitness junky or not, as we are here to help guide you through the ins-and-outs of coverage for fitness facilities and make it easy for you.

Feel free to give us call at