The topic of insurance isn’t exactly top of the agenda after a solid sweat session. But knowing the different types of insurance and your coverage options is essential for any owner of a gym or dojo.
Let’s look at why you need insurance then break down some of the different types of insurance cover.
Whether you run your own personal training business, rent a space in a gym or plan to run your very own gym with a signed lease, obtaining the right level of cover is a crucial step to take before signing up new clients.
The right type of insurance can:
· cover you and your business if a member makes a claim against your gym for injury or damages to their property
· provide cover against any claim of negligence made by a client
· ensure you have some form of income in the event you get injured and can’t perform your duties
· cover the equipment you purchase against loss, theft or damage
· cover your employees and clients in the event of loss or injury.
Here’s a breakdown of the main types of cover you can buy individually or as a package:
Public liability insurance will provide coverage for you and your business if a member of the public makes a claim that they were injured or that damage was caused to their property while on your premises or because of your business dealings. Phew. That’s a legal mouthful.
An example of this would be a client tripping over a piece of fitness equipment and fracturing their wrist. Your client would be able to seek compensation from you for the injury, together with medical costs and loss of income.
While you would never intend for something like this to happen, it’s important to have some assurance that you are covered in the unlikely event that these events occur.
Professional indemnity insurance covers you for claims that arise when a third party, like a client, alleges that your professional advice, design or service as a gym owner or personal trainer was negligent and caused them a loss.
Examples of this could be a personal injury claim because of negligence or creating a training plan that is potentially dangerous or unsuitable.
Public liability and professional indemnity are an absolute must if you’re planning to get those sign-ups and make a difference for your clients.
And depending on your situation, you might want to take out some other insurance policies. Here are three other policies we recommend looking into:
As a personal trainer, you need to remain physically active to perform a role for your clients. If an illness or injury strikes, it’s likely you’ll need to take time off work to recover.
This may lead to a situation where you are unable to earn an income. Income protection insurance will provide you with a percentage replacement of your regular income while you recover from an injury or illness.
Sleep easier knowing your bills and living expenses can still be paid for while you’re not working.
If you own or lease your fitness equipment, contents insurance is worth considering. Be sure to check with your insurer on the terms for equipment that is leased.
Purchasing fitness equipment can be expensive, so it’s a good idea to be covered against any loss, damage, or theft.
Business insurance covers your business from several different risks:
· if your staff get sick or get injured
· if a client has an accident
· if vital equipment is stolen or destroyed.
Business insurance can cover costs owing to these events.
Building insurance can often go hand-in-hand with contents insurance. This can protect your gym, studio or dojo from damage caused by things like vandalism, fire or flood.
The best way to explore your options further is to meet with a business broker or assess the distinct types of insurance online using comparison sites.
The market for commercial insurance is hyper-competitive in Australia so you should be able to secure yourself a deal for a package or individual policy.
Get your insurance in place, maintain your accurate records and have fun running your new gym!