If you own a health club, day spa, or fitness center, there is no doubt that you have fitness insurance. Without fitness insurance club owners could face serious claims that could damage not only business revenues, but also their own personal assets if claims are large enough. While you may have a health club insurance policy in force, you may have little or no clue on how you are covered and what you are covered for. The truth of the matter is, while many are required to carry commercial property and liability insurance, most have absolutely no clue what they are paying for. Smart consumers educate themselves on the services they are paying for. Educate yourself on what your fitness insurance policy covers and make adjustments as necessary.
The first thing you will need to educate yourself on is how your gym or health club is classified. There are several different classifications for fitness centers, and ensuring your operations are defined properly is extremely important. For example: if you company is listed as a health club however you offer classes that are excluded from the basic plan, you will need to adjust the policy to cover these exclusion with specialty endorsements. Types of fitness program plans include athletic clubs, fitness centers, health clubs, racquet clubs, and swim clubs, yoga studios, tanning services, babysitting facilities and climbing walls. If you fail to list, all of your exposures, underwriting or claims could deny you.
Once you have distinguished which category is right for your operations, you will need to understand how property insurance and liability insurance work. Typically, property insurance and general liability insurance are sold together as a package deal. Property coverage will pay for the building, business income, business personal property, and systems breakdown. It is extremely important to calculate the value of business equipment, building improvements and the cost to rebuild the commercial property if you own the building itself. Building coverage is available for both tenants and property owners.
General liability is available in increments of $1 million dollars per occurrence and will usually be subject to an annual maximum referred to as a general aggregate limit. General liability covers claims arising from negligent acts of the company that cause bodily injury or property damage. There are several exclusions to this section of coverage. Consult an agent to discuss other endorsements you should consider including personal injury protection, professional liability and products liability options.
Take time to research various insurance providers who specialize in complex insurance plans such as fitness insurance. Because there are so many different endorsements and exclusions, you must be educated on, it is important to find a professional who is knowledgeable and dedicated to educating their customers. Search for providers online and set up a meeting today.
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