What Is Property Insurance for a Gym

Your top priority as a gym or fitness club owner is your gym members' wellness and health. You and your staff push your clients into becoming the best versions of themselves. However, can you say the same about your business, especially when it comes to insurance coverage?

There are, unfortunately, many risks involved in this line of business. It could be anything from medical accidents to broken equipment. A good insurance plan will cover your employees, clients, and the entire business as a whole; it's recommended regardless of the kind of fitness center you're running.

Getting to Know Gym Insurance

It is a combination of a couple of policies, one of which is property coverage. There are situations where getting these policies is a matter of fulfilling certain contractual obligations. Still, even if this is not the case, it is always a good idea to get insurance. Otherwise, you'll have to operate with the nightmare that is a lawsuit looming over you.

The type of facility you're running will also influence the kind of policies you'll get. As a general rule of thumb, the bigger and more versatile your fitness center, the more insurance you apply for and pay. Case and point, a full-service fitness center with juice bars, youth fitness lessons, and massage therapy get to pay more than a smaller gym.

Who Needs It?

While gyms came in all shapes, sizes, and amenities these days, gym insurance is vital for all of them. The various facilities include:

• Health clubs
• Fitness centers
• Franchise operations
• 24/7 access clubs
• Yoga, pilates, and spin studios
• Boutique membership clubs

The heavy physical exertion associated with a gym's operation and equipment make this kind of business more exposed to claim risks than most businesses. According to a 2019 report by the National Security Council Injury Facts, of the 3,727,615 sports and recreational injuries that led to an emergency department visit, 468,315 were associated with exercise and exercise equipment

Not every one of those injuries happened in the gym, but then again, a medical accident isn't the only way a gym owner might end up in front of a judge. Proper gym insurance protects your business and its assets.

Gym Insurance Policies

Here are some of the insurance coverage policies that gym and fitness club owners should consider getting:

General Liability

Every fitness facility needs liability insurance. This type of coverage provides safety if you, your employees, services, or products are deemed negligent or cause property damage or result in bodily harm. If you use independent contractors like physical therapists or personal trainers at your studio or gym, this coverage is crucial to you.

NEXO Fitness has insured over 10,000 clients countrywide. The whole process can be done online, and thus it's made buying insurance more convenient than ever. Furthermore, we are knowledgeable enough to give you a complete review of your contract, ensuring your insurance works well for you. Have we mentioned we provide you this analysis for free?

Equipment Protection for your Gym

All property insurance isn't the same. The policy we offer caters for floors damaged due to water and your landlord's windows when shattered during gym-related activities. Our plan has been well-meshed together with liability insurance to offer you a more comprehensive package.

In addition to having a property insurance policy tailored explicitly towards fitness facilities, it also covers any unintended vandalism, plus theft. You will also be reimbursed for revenue lost because of closure if it's a covered loss.

Workers' Compensation

This type of insurance covers employees who get injured or hurt working for you. This money goes on to pay medical expenses, vocational rehabilitation, lost wages, and survivor benefits in the unfortunate incident of an employee death due to a workplace accident. It's always best to go through your state's workers' compensation statutes to ascertain whether an injury in a worker-sponsored fitness center can be categorized as a covered injury.

This compensation has been a big concern for gyms due to rising prices and troublesome annual audit premiums. We'll help you circumvent these challenges through pay-as-you-go premiums and assistance in administrative duties involving audits.

You'll also be delighted to hear that you can sync your payroll service with the Workers' Compensation policy using NEXOSync. This service enables you to handle Workers' Compensation, Payroll, Employer Taxes, Health Benefits, and 401K in an easy-to-comprehend billing statement.

Employee Practices

Managing employment issues has always been challenging. Workers and even employers are bound to make questionable choices and have misunderstandings now and again; human is to err, right? Therefore, your fitness business needs to successfully handle allegations of wrongful termination, discrimination, and sexual harassment, among others.

The General Liability Insurance doesn't cover these claims. Having an Employment Practices Insurance will go a long way in saving you money down the line you'd otherwise be spending on lawyer fees and settlements. NEXO will additionally conduct background checks to help you stay ahead of potentially unsavory hires.

Special Event Insurance

Planning special events for your clients can be stressful. Fitting these events into your schedule while also doing everything in your day-to-day routine might seem close to impossible. We know of these struggles and have designed our process to be fully online.

Furthermore, we are sure to get back to you within one business day. In a bid to keep your plans and activities on track, we also issue same-day certificates to not derail your event because of insurance barricades.

Bottom Line

Some smart guy once said that if you stay ready, you won't have to get ready. Ensuring you have the right policies in place will prevent you from going into damage-control when court dates and lawsuit claims get thrown at your business. It'd be a shame if you were to close down or, worse, become bankrupt because of confusion about the various policies.

When it comes to your gym or fitness center's insurance, let NEXO Fitness Solutions do the heavy lifting for you. Reach out to us, and let's make your business safe for everyone involved.