At Trey Siner Insurance Group, we specialize in providing comprehensive insurance coverage tailored specifically to the unique needs of gym/fitness centers, trainers, and ancillary businesses of the health & fitness industry, such as smoothie/juice shops, fitness apparel stores, healthy food establishments, and more across 43+ states, serving franchises as well as solopreneurs. We understand the challenges and risks that health and fitness businesses face, and we are here to protect your investment, reputation, and peace of mind.
Insurance Coverage for Gym/Fitness Center and Trainers
To mitigate the risk of potential lawsuits, documentation is key. Implement waivers and declarations of health issues for all clients. Knowing your clients allows for tailored programs that align with their abilities. Safety education is also important, and we can provide guidance and refer you to resources for location inspections and risk management recommendations.
Specialized services like yoga, Pilates, or personal training require careful consideration. Trainers should be trained and certified in their respective areas, and your insurance application should specify the types of classes or training offered. If you bring in outside trainers for specialty classes, ensure they carry insurance and provide a certificate of insurance as proof of coverage.
To protect your health and fitness business, it is crucial to have the right types of insurance coverage in place. We will be right here beside you to guide you through your insurance questions and help you build the right protection plan for your needs.
- Property Insurance: Commercial Property Insurance for your fitness facility covers two main aspects: contents and inventory, including furnishings, computers, branded items, unattached items, and up-fit or tenant improvements. Up-fit coverage is crucial to replace any built-in structures, counters, specialty flooring, and more, as the landlord may only rebuild the space to its basic form after a loss.
- General Liability (GL) Insurance: This coverage protects your business against claims of property damage or bodily injury to third parties that may occur on your premises or as a result of your business operations.
- Professional Liability Insurance: Also known as Errors and Omissions insurance, professional liability coverage is crucial for your trainers and instructors. It protects against claims arising from alleged negligence, errors, or inadequate performance in providing professional services.
- Workers’ Compensation (WC) Insurance: Workers’ Compensation insurance is dependent on state laws and guidelines, which vary. It is essential to ensure compliance with legal requirements. Workers’ Comp coverage is important as it covers medical expenses, lost wages, and settlement for employee injuries. Employer’s Liability, available in most states, protects against lawsuits related to employee harm caused by employer negligence.
- Builders Risk Insurance: If you are undertaking construction or renovation work before opening your business, Builders Risk Insurance is essential. It covers damage to the building and materials during the construction process.
- Bond: If your business accepts prepaid memberships, it may be necessary to obtain a bond. This bond ensures that your customers’ prepaid fees are protected in the event your business fails to deliver the promised services.
- Flood Insurance: Any area in the USA can flood so make sure you consider Flood Insurance for protection against damages caused by floods, including water damage, structural issues, and loss of property.
Insurance Coverage for Businesses that Support a Healthy Lifestyle
Insurance is crucial for ancillary businesses in the health and fitness industry, including smoothie/juice shops, fitness apparel stores, healthy food establishments, and more. These businesses play a vital role in supporting the overall wellness of individuals as well. While they may not directly provide fitness services, they still face unique risks that can impact their operations and financial stability. Insurance coverage tailored for these businesses can help protect them against potential liabilities, such as slip-and-fall accidents, product-related claims, property damage, or business interruption. Moreover, having comprehensive insurance can provide peace of mind to owners and allow them to focus on delivering high-quality products and services to promote a healthy lifestyle within their communities.
Lease Review Services
We understand that navigating leases and their insurance requirements can be complex and overwhelming. That’s why we offer lease review services to help you manage any insurance obligations effectively. Our knowledgeable team will review the Insurance portion of the lease to make sure we understand the requirements and we can advise of things you may want to ask the landlord to adjust. By doing so, we save you from potential risks and surprises down the road, giving you the confidence to focus on what you do best: running your health and fitness business.
Cost of Gym & Fitness Center Insurance
The cost of insurance for a health and fitness business varies depending on the specific coverage needs. Premiums are influenced by the types and limits of coverage required. Our agency works with multiple carriers to provide you with a program at the most competitive premium. We focus on addressing your unique needs and mitigating any potential risks your business may face.
For General Liability Insurance the minimum limits we suggest are $1,000,000 per occurrence and $2,000,000 aggregate but for larger locations or larger membership, it is possible for us to write $2,000,000 per occurrence and $4,000,000 aggregate. We are able to provide an Umbrella Liability policy to increase the liability coverage. We will tailor the limits to fit what you are doing.
For trainers and instructors, we can extend the fitness studio policy to cover them as long as they are training for the fitness studio. If they will be training personally on their own they will need a professional liability policy for trainers and we have the capability to help with that as well with a $1,000,000 or $2,000,000 limit.
