Types of Gym Insurances Explained

By Bernhard Mehl
August 12, 2020

Every year, more Americans are joining the gym, with over 60 million people investing their time and their money in order to stay fit and healthy. As the owner of a gym or fitness center, you become liable for each member as soon as they cross through your doors. 

Whilst there is a wide variety of insurances available today, it is crucial to ask yourself “exactly what insurance do I need for a gym?”. Below is a quick guide to help you get a better understanding of what type of insurance you need to get for your gym.

What Is Gym Insurance?

Gym insurance, or fitness studio insurance, helps to protect you and your business from a variety of incidents that could occur in your gym or to a member using your facility.

When it comes to gym insurance, you will require the main coverages: business and liability insurance. Thereafter you will be able to add a variety of other insurances, depending on your exact requirements. These insurance plans can cover just about anything, including gym equipment insurance, amongst others.

Who Needs Gym Insurance?

As a gym owner, you will require insurance specifically for equipment and classes provided. By getting the right insurance, gym owners can protect their property and business. This allows them to get back on track quicker after any sort of incident or accident. Gym insurance also helps to protect gym owners from lawsuits that can arise from patrons that may have been injured etc.

Gym owners will require gym insurance if they have done any of the following:

  • Leased a space
  • Bought a building
  • Offer group workouts or private training
  • Maintain workout machines or other equipment
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Safety and security become even more important for insurance purposes. With the right gym access control and security systems, you will have additional control over every aspect of your facility and premises. This can definitely help minimize any accidents or other unfortunate incidents.

Types of Insurances for Gyms and Fitness Centers

  • General Liability Insurance is essential. It covers you if anything in your gym is considered negligent, causes bodily harm, or if your property is damaged.  
  • Professional Liability protects your gym against any negligence claims regarding your employees acting on the gym’s behalf. 
  • Business Income and Extra Expense Coverage is important to have in case you need to close your gym for a time due to a flood, fire, or other scenarios. It allows you to temporarily move your facility so that you don’t lose out on business. 
  • Workers’ Compensation covers claims regarding employees who get injured while working at your gym.
  • Occurrence Policy covers claims from incidents that happened previously. For example, if a client were to complain about an incident where they hurt themselves on your equipment years ago. 
  • Equipment Breakdown Coverage covers any equipment that may break to protect you from the expense that may come from this. It covers everything from air conditioners to treadmills and weight machines.
  • Business Personal Property Coverage protects your property if any unexpected accidents occur. This extends to your gym’s offices, lockers, etc. 
  • Premises Liability Coverage is usually high for gyms as they see a lot of people coming and going every day at all times. However, it is important to have as it protects your gym from liability if a client gets injured inside your facility or even in the parking lot. 
  • Employee Dishonesty, Money and Securities Coverage protects your gym from financial or identity theft, as well as computer fraud

Conclusion

When it comes down to it, every gym owner will require the right insurance policy to cover all supervised and unsupervised workouts.

‍Whilst many insurance policies will cover you, the right access control and security systems will keep your facility running smoothly, whether it is fully staffed or not. With Kisi’s versatile systems you can easily control which doors open or close and when. This allows you to monitor all foot traffic as well as enforce timing and other policies you may already have in place.

Bernhard Mehl

Bernhard is the co-founder and CEO of Kisi. His philosophy, "security is awesome," is contagious among tech-enabled companies.