Gym insurance
Making gains…
…with gym insurance
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Gym Insurance with FTC
By choosing us as your broker, you can be assured that we will take the time to understand your requirements and build a product around them. If you run a gym or fitness club, we can help you with insuring your gym against potential liability claims. We’ll be on hand to provide advice and guide you through the claims process should the worst happen. We’ve pulled together our experience and have created an insurance policy for gyms and their unique needs. The average claim for a gym is just over £5,000 so it is essential to get the right cover. With no hidden admin fees, we work with a trusted pool of insurers, so we do the heavy lifting in searching for the best policy for you.
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Key Features
- Buildings Cover
- Property and Contents – Including gym machinery
- Equipment Breakdown Cover
- Employers’ and Legal Liability
What are the types of cover?
This is paramount for most gym owners, much like leg day, this isn’t one to miss. Working with heavy lifting equipment can present its own unique set of risks. Public Liability Insurance covers you if someone is injured and they decide to hold you, as the gym owner, responsible. Your insurance will kick in and help you with cover for legal fees and any compensation awarded.
Another important consideration for all gym owners is contents insurance. The value of machinery and gym equipment can be the most expensive outlay, so it’s vital to get this covered in the event of a disaster such as a fire or a flood. Could you afford to replace a significant amount of your equipment if it wasn’t insured?
Also, remember to include fixtures and fittings. The shop front and signs of many gyms have been bespoke made and often at a considerable price.
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FAQs
PTs should have their liability insurance, and as part of your contract with them, you should stipulate this and ensure you check it annually. If a customer injures themselves in a PT’s class at your gym and there is a claim, if there is an issue with the PT’s insurance, the claim would be made against your gym and affect your claims record.
You will need to notify your broker if you have Boxing/Martial Arts classes, how many a week, and what split they make up of all the other classes at the gym. Again, painting the full picture just helps with understanding your gym.
There are three different tiers you can choose from with differing levels of cover. Cover typically includes death and disablement benefit, loss of limbs and sight, physio and compensation for broken bones, and emergency dental. If you injure yourself and are unable to work as a result, personal accident insurance can cover you for loss of earnings.
Additional benefits for gym insurance can be covered such as equipment breakdown should your gym equipment break down and force a period of closure, for example.
Several factors include size, turnover, and claims history. Always be prepared to give examples of health and safety procedures and if you have had claims in the past – what have you done to prevent them from happening again.
Yes, speak to your advisor as to how we can set you up with a payment plan.