gyms carry more risks than many other industries. Gym insurance, which can be a single policy, such as general liability, or a combination of policies, such as a business owner’s policy (BOP), protects your business in the event of customer injuries, subsequent lawsuits, and damages to his team. while costs can vary, the general liability for a gym ranges from about $200 to more than $4,000 a year.
A gym or health club may require many different policies. Seeking a professional to help determine the best coverage and providers for your business makes sense. coverwallet, an online insurance broker, can do both. Get a free, no obligation quote from multiple vendors today.
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who needs gym insurance?
If you’re self-employed as a fitness instructor or own a small gym, consider gym insurance.
A fitness instructor teaching classes outdoors in a public park needs only general liability. But if he brings weights to the park, he’ll also want some sort of commercial property to protect the equipment from it.
The situation is different for someone who owns a gym; They should consider a bop. They should also investigate workers’ compensation if they have employees.
A virtual trainer who teaches classes online should still consider a professional liability policy. could be held liable if her instruction for a specific exercise is incorrect and ends up injuring a client.
Some other companies that should consider gym insurance are:
gym insurance costs
Due to the nature of the business, gym insurance carries a higher level of risk, so the premium is higher than for other businesses. We receive sample quotes for small facilities: around 2,500 square feet and revenue less than $500,000 a year. the total cost of insurance can still be more than $10,000 a year. larger gyms and fitness centers with additional services should expect to pay more.
Multiple factors affect gym insurance costs. When you apply, you will be asked about the square footage of the gym, the number of employees, and whether you hire minors or let minors exercise. there are additional questions, such as hours of operation and whether massage therapy is available.
many insurers have excluded activities or will charge significantly more for the following:
main gym insurance providers
- hartford: the best for personal trainers
- ace: best for outdoor classes
- k&k insurance corporation: best for 24 hour clubs
- next: best for gym owners
- coverwallet: best for comparing prices from multiple carriers
comparison of the main gym insurers
hartford: the best for personal trainers
for gyms that employ fitness instructors or fitness professionals who work as independent contractors, hartford is the best provider. offers a professional liability policy specifically for fitness professionals. this policy helps you, for example, if you are showing someone how to lift things incorrectly and they are injured.
cost & coverage
a sample quote from hartford was $1027 a year, or $85.58 a month. to finalize the quote online, you will need to call. this quote included $50,000 worth of exercise equipment with a $1,000 deductible and liability capped at $1 million per occurrence and $2 million total.
With its wide variety of offerings, Hartford has coverage options that are ideal for an independent contractor or fitness gym owner. offers bop, general liability and workers compensation to supplement professional liability.
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American advice on exercise: best for outdoor classes
the american council on exercise (ace) is the best provider for a personal trainer or group fitness instructor offering classes outdoors. ace offers comprehensive liability coverage that is not limited to the locations or facilities listed in the policy. so if you’re leading a class at the local park, for example, your liability coverage extends there.
ace is a nonprofit organization that specializes in certifying health and fitness professionals. the ncaa also approves their accreditations.
cost & coverage
We received a sample quote from ace for a $1 million general liability policy with an aggregate limit of $3 million for $172 per year. There is the option to purchase this coverage for two years, which costs $294.
This policy is for liability only and does not provide any coverage for your tools or equipment.
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k&k insurance corporation: best for 24 hour clubs
Being open 24 hours is a type of risk that many providers do not want to insure. K&K Insurance Corporation will cover facilities that have controlled access to a gym that is open all day and night. therefore, it is the best provider for a 24-hour club.
cost & coverage
To get a quote, you’ll need to call k&k, contact an independent agent, or create an online account and request one.
k&k offers a general civil liability policy, with add-ons such as inland navigation for your equipment. policy is for smaller businesses: gym must be less than 3,000 square feet and business must have $2 million or less in annual revenue.
Those limitations aside, it covers a lot: saunas, massages, gyms with babysitting, non-contact martial arts, and more.
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next insurance: best for gym owners
next insurance, in association with the national academy of sports medicine, is the best provider for gym owners. the policy covers civil liability and first person property. it’s best for gym owners with standard hours of operation because it offers high ownership and liability limits.
cost & coverage
We received a sample liability quote that was $379.59 per month for an occurrence limit of $2 million and a total of $4 million. this was the highest limit offered. there was also an option for equipment coverage for an additional $79 per month. more affordable options were available, but this was the recommended coverage for a gym.
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coverwallet: better to compare purchases
coverwallet is an online broker that provides a one-stop shop for the convenient purchase of small business insurance. it is also the best insurance broker in 2022.
You can get and compare quotes from multiple companies and shop for a policy quickly. That’s why coverwallet is best for the gym owner who wants to compare different prices from different operators.
cost & coverage
We received three sample quotes, ranging from $855 to $8,511 a year for liability, property, and professional liability. all of these had liability limits of $1 million per incident and $2 million in total.
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end result
Whether you run a 24/7 gym or work as a personal trainer, gym insurance is a key part of running a successful business. It protects you against negligence claims and also provides coverage for your equipment and building. Visiting the online broker’s coverwallet is a great way to get quick online quotes from multiple carriers. Get a free, no obligation quote from coverwallet today.
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