The Benefits of Insuring Your Gym Equipment

Insuring your gym equipment and other assets is a sound business and risk management strategy. Insurance passes the risk of damage or loss to property and equipment from your gym to your insurance company. It gives you a safety net that helps reduce the financial impact of damage and loss of expensive fixed and movable equipment.

The law requires every fitness facility in the U.S. to purchase liability insurance. NEXO Fitness Solutions has insured over 10,000 happy clients across the country. Our efficient online process makes buying insurance easy, and our policies ensure you have complete protection from gym equipment and worker's compensation to special events insurance.

So why choose NEXO?

We are well-versed in reviewing contracts to ensure your insurance cover works well for you – plus, we provide free analysis.

• All our products are tailored specifically to your facility operations, be it a CrossFit box, yoga studio, or a fully-equipped gym
• We leverage our clients' collective power for better purchasing power
• We offer complete protection that reflects the needs and trends of the fitness community
• We have a simplified insurance process
• We provide a completely online process
  
  

Equipment Protection for Gyms

Property insurance products are not equal. At NEXO, we are proud to be the only company designing property insurance policies specifically for fitness facilities. Our policy covers your gym equipment, your flooring from water damage, and even your landlord's windows if they get shattered by errant equipment. Wherever you take your equipment, know it is covered.

• We have seamlessly integrated our equipment protection cover with liability insurance
• We provide coverage for your window glass
• We cover reimbursement of lost revenue if a covered loss forces you to close your doors
• Our policy includes theft coverage

NEXO gym equipment and property insurance include coverage for the following:

• Theft
• Damages
• Perils like fire, wind, hail, or smoke
• Vandalism
• Water damage
  
  

The Benefits of Insuring Gym Equipment

When contemplating insurance, it's best to consider whether you could repair or replace damaged or stolen equipment using your money. If you cannot, then insurance is essential, almost critical, to your business's survival.

Therefore, insurance should form a critical part of your financial plan because managing your risk is vital for your gym's health and gives you peace of mind. An insurance policy refers to a legally binding contract between you and your chosen insurance company. As per the policy, the insurer agrees to pay out a certain amount to indemnify your gym business if the insured equipment is accidentally damaged, stolen, or destroyed.

Below are three reasons and benefits of getting gym equipment insurance.

1. It's Hard to Get External Financing without Insurance

When you borrow money to purchase gym equipment or property, lenders often require you to have insurance. Otherwise, you will not get the funds you need to grow or stock your gym. Additionally, you cannot take up opportunities when they arise, which means your gym cannot compete favorably in a competitive environment.

At the very least, you need to insure your equipment and building (if you are the owner) to get financing. NEXO Fitness Solutions offers gym equipment financing that comes in handy when no other lender will do business with you.

2. You Face a High Risk of Financial Ruin without Insuring Expensive Gym Equipment

Damage to buildings and expensive gym equipment is among the significant financial risks to insure against from the onset. Disasters can cause extensive damage, especially when your investment size is substantial since replacement and repair costs can financially devastate you.

You should also include fixtures such as refrigeration units for a juice bar or air conditioners in your insurance cover. Apart from gym equipment insurance, you also need:

• Regardless of whether you lease or own property, property insurance also covers your equipment, furniture, signage, and inventory.
• General liability insurance covers you against lawsuits resulting from the injuries and damages caused by the use of your equipment, premises, or products.

3. Protect Leased Equipment

It's common to lease expensive gym equipment when you cannot afford to buy it or fail to get the financing you need. Thus, it's vital to ensure that all your leased equipment has insurance coverage. Otherwise, you need to purchase insurance or risk paying for equipment damages and the costs associated with business disruption.

Insuring leased equipment can be a confusing and complicated process, so seeking professional assistance is advisable. Or better yet, find an insurer with a simplified and straightforward insurance process like NEXO Fitness.

What Types of Equipment Should You Insure?

Gyms have several different equipment types, so it's a good idea to keep a complete inventory of what you have to account for everything when seeking an insurance quote or cover. Some of the gym equipment you should cover include:

Cardio Equipment

These include treadmills, rowing machines, elliptical machines, stationary cycling equipment, stair-steppers, and cross-country ski machines.

Strengthening and Resistance Equipment

These include free weights, weight-lifting machines, bench presses, cable and pulley machines, squat racks, Pilates machines, and more.

Other Fitness Equipment

These include other assets other than machines such as medicine and stability balls, climbing ropes, foam rollers, ab rollers, resistance bands, exercise mats, and punching bags.

Business Equipment

These include other assets in your gym other than fitness equipment such as computers, refrigerators, and furniture.

Why Choose NEXO Fitness Solutions?

NEXO is a smart choice for fitness facility owners because we insure thousands of gyms across the U.S., making it our area of expertise. We have a vast network and industry expertise that allows us better collective purchasing power, which benefits our clients directly.

We are also the only insurer to design property insurance policies specifically for fitness facilities, including gym equipment, flooring, and window glass covers. We can provide a free analysis of gym equipment and property insurance tailored to your unique operations.