What Is Participant Accident Insurance and Do You Need It?

Running a gym is a dream job. You get to stay active and make money doing what you love, and you provide a service that makes customers feel great. The liability side of the business can feel a bit closer to a nightmare sometimes though. Gyms can be risky places even with the best safety policies in place. These risks threaten the people that make your business successful and threaten to cut into your bottom line if you aren't protected.

While insurance is always there to protect liability, insurance can get complicated in gyms. It can be tough to know what's covered by what, which can leave you with potentially disastrous gaps in your protection from liability. Though there are many types of gym insurance, an often overlooked important component of managing risk in gyms is participant accident insurance. This specific coverage type can be crucial to managing risk from accidents and injuries as a gym owner and should be considered thoroughly by every facility in the fitness industry.

What Is Participant Accident Insurance?

Participant accident coverage is a specific type of no-fault coverage for any injury or accident that occurs in your facility. Sometimes also referred to as excess accident insurance as well, this type of coverage can be crucial for maintaining a well-protected clientele at your gym. This coverage can extend to any member and can reduce costly out-of-pocket expenses for them or damages not covered by their medical policy.

This particular type of insurance differs from your liability insurance because it is no-fault. Without this coverage, a member will receive no assistance from your general liability coverage in the case of an injury in which you had no liability. If liability insurance is awarded, this will still fill any gaps and limitations that may create out-of-pocket expenses with that coverage.

It is also important to note that whereas liability insurance is paid after a member makes a claim or files suit against you, participant accident insurance is paid proactively before any accusations of negligence or liability may occur. No matter the circumstances, participant accident insurance ensures that members are covered as soon as they need it.

Do I Need Participant Accident Insurance for My Gym?

Happy, healthy, and safe members are what a gym is all about. Safety, training, and attention to detail are the first lines of defense keeping members safe. Even the most diligent safety measures, however, will not prevent all accidents. While liability insurance protects you directly from lawsuits and damages claims, participant accident insurance protects your members-- members who are a vital part of the health of your business. Your gym is meant to be a vital part of the health of those members, don't let them be unprotected in an accident.

A member who has an accident or injury that was no-fault at your gym could face catastrophic costs if they are uninsured or underinsured. Even for accidents covered by liability, costly exclusions and complications may leave expenses to the member. Accident insurance protection ensures that your members don't have to go through that when they are injured in your facility.

Protecting the health of members while they are with you isn't just altruistic, but also can serve as a strong indicator of how much you value safety. Members knowing that they are being looked out for is good for business. Members knowing that your gym is safe is incredibly important and can help retain business while also creating more referrals and positive buzz.

In cases of at-fault accidents or complicated situations surrounding an accident or injury, participant accident insurance can simplify the process. Participant accident insurance covers expenses immediately, whereas liability insurance pays damages (often to reimburse already paid expenses) after a claim has been made and processed. Though an injured member can still file suit or make a claim against your liability for damages owed, often the coverage from the accident participant insurance has covered everything. This can avoid costly lawsuits potentially, and will always leave a member much happier and likely to see you again at the gym.

The Benefits of Participant Accident Insurance

Participant accident insurance can be a vital part of limiting liability and managing risk as a gym owner. Though it can be often initially overlooked in insurance coverage for gyms, it offers unique benefits and delivers a lot for a small cost. NEXO can offer participant accident insurance conveniently along with other plans at a very competitive price. In the case of an incident, accident coverage will reduce liability payouts, keeping premiums low which can save a lot of the headaches associated with accidents from a business perspective. Saving you money in the long term and protecting your liability will usually make this coverage well worth its relatively small cost.

The costs of incorporating participant accident insurance into your comprehensive plan are outweighed by the benefits for most gym owners long-term. Some of the many benefits of participant accident insurance are:

• Provides an extra layer of safety protection for accidents that happen in spite of safety measures.
• Proactively pays for injuries, potentially avoiding costly lawsuits and liability claims.
• Keeps members healthy and happy with your gym and your commitment to their health.
• Avoids potential financial hardship for members your business relies on.
• Utilizing participant accident coverage can prevent increases in liability premiums.

While other types of insurance coverage for gyms are often absolutely necessary to mitigate risk and shield your business from liability, participant accident insurance offers subtle benefits that aren't provided by other types of insurance coverage. For most dedicated gym owners, carrying participant accident coverage is just part of a robust safety and emergency response policy. It's a powerful tool to keep your members healthy, which is why they come to your gym.

Be Ready For Accidents and Mitigate the Risk

Safety and well-trained staff and trainers only go so far preventing accidents and injuries in a gym. Many risk factors are involved in constantly in fitness. Heavy loads, exhaustion, or even something as simple as a slip could severely injure a valuable member at any time. Participant accident insurance can manage that risk and protect your gym and its members.

If you think participant accident insurance may be an asset to your gym, contact our team at NEXO, or call us at