In life, things happen. As a gym or fitness business owner, it is important to recognize that accidents and other undesirable events can happen and you must never be caught off-guard. Gym equipment may get damaged and must be repaired or replaced. You might also be held liable if fitness instructors commit misconduct. An employee might get involved in a car accident while on his way to personally train a client in the gym or fitness club.
To protect against the resulting expenses of such and similar incidents, you must have a valid gym/fitness business insurance plan.
This article discusses commercial gym insurance, fitness studio and gym owner insurance policies, gym insurance cost, and what are the best insurance companies for gyms and fitness businesses.
Fitness Studio and Gym Liability Insurance
Fitness studio and gym liability insurance is what’s normally known as a general liability insurance policy. You’ll always find this coverage included in specialized gym and fitness studio insurance. It is also the most essential coverage for gyms and fitness studios.
General liability insurance for a gym covers personal injury claims and property damage claims when an accident happens and an affected third party decides to sue your gym or fitness studio.
It pays for attorney fees, administrative costs, and other associated expenses required to wrap up a personal injury claim or property damage claim.
General liability insurance for fitness studios and gyms normally has a $1 million-$2 million per occurrence limit for bodily injuries and property damage with an aggregate set at $2 million.
However, please note that, if the carrier allows it, you can also customize your gym liability insurance coverage to get $3 million to $5 million limit.
Professional Liability Insurance for Fitness Studios and Gyms
Aside from accidents, clients can also sue your gym or fitness studio if the services or advice provided by instructors have substantial errors. The fitness gym insurance coverage type that protects you in such cases is professional liability insurance. Professional liability insurance for fitness classes, studios and gyms (even 24 hour gyms!) covers you when:
- A student files a claim because a fitness or training program you recommended didn’t bring the expected results
- A student decides to sue because the program you recommended caused harm
- Clients demand compensation for losses for giving an inaccurate advice
- And more
The usual per occurrence limit of professional liability insurance for fitness studios and gyms is set at $1 million-$2 million, while the aggregate limit is $2 million.
Fitness Studio and Gym Public Liability Insurance
Public liability insurance for fitness studios covers personal injury claims and property damage claims filed by third parties. Fitness and Gym public liability insurance can’t be added with optional policies. And so, it’s cheaper than general liability insurance. Get this gym insurance coverage type if your small gym or fitness studio is in its early days and still picking its pace, as it is a perfect fit for small gym insurance.
* Some insurance companies sell this policy as gym liability insurance by the month, day or hour. When availed as a monthly, daily, or hourly gym liability insurance, public liability insurance normally provides $300,000-$500,000 minimum coverage limit.
Product Liability Insurance for Gyms and Fitness Studios
It may also be smart to include product liability insurance for your gym or fitness studio if you’re selling related products, such as supplements, protein shakes, protein powders, and even workout equipment or clothes.
If workout supplements clients bought from your gym caused them allergies or any other illnesses, product liability insurance for gyms covers the cost if a claim is filed. Specifically, this gym business insurance coverage will cover attorney fees, administrative costs, and other legal expenses.
The policy limit of product liability insurance typically starts at $100,000-$500,000. If added as an optional coverage, it shares the limits of general liability insurance or has its own sub-limit.
Commercial Property Insurance for Gym Facilities and Fitness Studio Centers
Get commercial property insurance for gym facilities and fitness studios to protect investments if you lease, own, or rent a building for your fitness business. It is also a common inclusion in most gym and fitness studio insurance plans. Commercial property insurance helps by:
- Refunding the value of roofing, doors, flooring, windows, signage, siding, or any other damaged structures
- Reimbursing the value of the entire building if it’s destroyed
Commercial property insurance for fitness studios and gyms only provides coverage if building damage or destruction is caused by specific causes. Such specific causes included in the terms of this fitness studio and climbing gym insurance are:
- Theft
- Vandalism and other forms of malicious mischief
- Impact damage
- Aircraft damage
- Winds
- Storms
- Fire
Coverage can be as low as $15,000 or as hefty as $250,000. You may even get more than $1 million in some cases, given that the carrier’s commercial property insurance policy offers this much of a coverage.
Workers Compensation Insurance for Gyms and Personal Training Studios
Workers’ compensation insurance can be added to gym insurance plans if you’re employing full-time or part-time fitness instructors and other employees.
Professionals that are working at gyms may get injured in many ways. Injuries may be fractures, muscle overuse, tendonitis, shin splint, wrist pain and dislocation, IT band syndrome, shoulder joint tear, lower back pain to more serious injuries.
Workers’ compensation insurance for personal fitness studios and gyms covers these expenses. Specifically, it will normally cover the following:
Get gym insurance coverage starting from $12/mo now.
- Medical expenses
- Hospitalization
- Medication
- Rehabilitation
- Lost income compensation
- Death benefits
Additionally, workers’ compensation insurance protects your business against lawsuits. Employees can’t sue for negligence upon sustaining a work-related injury if your gym is in a state where businesses enjoy an exclusive remedy.
Gym Injury Insurance
Gym injury insurance is what’s officially known as personal accident insurance. So to be clear, there’s no gym injury insurance policy being sold or underwritten by carriers. Personal accident insurance kicks in, if you as an attendee of the gym, experience an accident and sustain injuries.
Another misnomer is fitness apparel insurance policy. There’s no insurance company that underwrites specialized coverage for fitness apparels. If you want to insure your fitness attire or garments, then you do that by buying a homeowner’s insurance with personal articles coverage.
Short Term Fitness Studio and Gym Insurance
Some insurance companies, such as Thimble and Next, underwrite short-term gym insurance, which is provided as a gym and fitness insurance by the hour, day, or month.
Hourly Gym Insurance
Hourly gym insurance plans normally consist of general liability and professional liability insurance. The policies offered in gym and fitness insurance hourly basis typically have a $500,000-$2,000,000 limit. Also, the duration of gym liability insurance by the hour starts at 1 hour and can be extended for up to 12 hours or 24 hours.
Gym Insurance Cost
So how much does insurance cost for a gym? Gym insurance cost depend on a lot of factors. However, the average gym liability insurance cost is estimated at $39 per month or $468 per year, for a $1 million coverage. This estimate assumes that the gym has a good business profile. How much is liability insurance for a gym with lower business profile then? Well, when the risk is higher for the insurer, the business has to pay higher premium. In such cases, gym insurance costs may get to $125 per month or $1,500 per year and even higher, depending on the specific case.
Some of The Factors That Determine Gym and fitness studio insurance cost:
- Location
- 24 Hour Operation
- Claims History
- Number of Employees
- Gym Size – both property and equipment
- Offered Services: does the gym offer high-risk activities? CrossFit gym insurance, martial arts gym insurance and boxing gym insurance normally involve activities with higher risk of injuries and as a result their premiums are higher as well
- Coverage Needs
- And more
Best Gym Insurance Companies
NEXT
NEXT provides coverage for gyms, fitness studios and instructors. Policies you can get from its fitness insurance plan are general liability, workers’ compensation, and commercial property insurance. NEXT sells a general liability policy, which is a customized fitness liability insurance which normally includes professional liability insurance in its terms.
Average cost: $36.71 per month
Our rating: 10/10
Pros
- Competitive gym and fitness studio insurance coverage rates
- Great coverage
- Instant certificate of insurance online
- Excellent service
Cons
- None
CoverWallet
CoverWallet’s gym and fitness studio insurance is available in four options – a general liability-only plan, general liability with commercial property insurance, a BOP, and a custom plan. CoverWallet has an online quotes comparison platform and allows you to customize your fitness insurance.
Average cost: $27.60 per month
Our rating: 8/10
Pros
- Get covered online
- Online certificates of insurance
- Manage your policies online in their platform
- Add landlords or clients as additional insureds
- Can help you find carriers selling gym liability insurance by the day, hour, or month
Cons
- Policy cancellation takes 30 days
- Brokerage and not a carrier
- some customer service complaints
Tivly®
Tivly® is anoter gym and fitness studio insurance comparison broker. Use them if you’re looking for variety, quotes over the phone or customized gym insurance.
Average cost: $30.89 per month
Our rating: 8/10
Pros
- Call and get quoted over the phone
- Sells a wide variety of insurance policies for gyms and fitness studios
- Coverage that’s highly tailored to your business’s unique traits
Cons
- You can’t get a quote without calling
Thimble
Thimble sells 24 hour gym insurance, as well as gym insurance by the hour or day as standalone policies. Additionally, it offers specialty boxing gym insurance and CrossFit gym insurance as a business owner’s policy. You can also choose to pay monthly or yearly.
Average cost: $33.47 per month
Our rating: 9.5/10
Pros
- Offers excellent short-term gym insurance policies
- Excellent customer service
- Competitive boxing gym and crossfit gym insurance rates
- No deductibles on its general liability insurance policy
- Comprehensive BOP
Cons
- Thimble’s 24 hour general liability insurance can’t have optional coverages
FAQs
What does gym insurance cover?
While coverage varies based on policy, gym insurance typically covers general liability (e.g., injuries to members or visitors), professional liability (e.g., claims of negligence in training), equipment damage, and business property protection.
How much does gym insurance cost?
On average, premiums range from $500 to $2,000 annually. That said, the cost of gym insurance depends on factors such as the size of the gym, the number of employees, the services offered (e.g., personal training studio, classes), and the location.
Why do gyms need liability insurance?
Liability insurance protects gym owners against claims from accidents, injuries, or property damage. Without it, a single lawsuit could lead to significant financial losses.
How can I get a gym insurance quote?
You can get a gym insurance quote by contacting insurance providers. Share details about your gym’s operations, and you can get quotes online.
Because Lawsuits Don’t Count as Cardio
When you choose the right partner for your insurance coverage, you can operate your gym with peace of mind and focus on other core growth areas of your business. Investing in gym insurance is essential for protecting your business, assets, and clients in the event of an unexpected incident.
Barter Insurance helps you get cheap gym insurance quotes online from the most trusted companies!
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