Health and Fitness Centers Insurance
All businesses need insurance. Some businesses need it a little more specialized coverage than others as they face hidden risks that insurance can help to mitigate. This is definitely the case if you own a gym, health club, or athletic studio.
While you do face the standard risks all businesses face, you have a few unique needs of your own. The right kind of insurance can help you reduce the degree of damage that happens to your business if certain events take place.
The Insurance Center of North Jersey understands the unique needs your business faces as a fitness center. Our eighty years of service to New Jersey, New York, and Pennsylvania has allowed us to see a wide range of situations that impact fitness centers specifically and we can help you find the right policy to best protect your business interests as a fitness facility.
Basic Business Insurance Needs
Before diving into the needs that are unique for gym owners, it’s a good idea to make sure you have the basics covered. There are some types of insurance that are fairly consistent among all businesses.
- Business Owner’s Policy (BOP). This policy varies some from one provider to the next, but typically covers the structure of the business building, contents of the building, office equipment, general liability coverage, and business interruption insurance.
- Business Property Insurance. In the event of a fire or other natural or man-made disaster that causes damage to your building, you need to have commercial property insurance to cover the financial ramifications of damages.
- Workers Compensation Insurance (WCI). If you have employees in the state of New Jersey, you need workers compensation insurance coverage for each of their employees. There are certain exclusions that apply, but for the most part, this is insurance coverage your business can’t afford to go without.
- Employment Practices Liability (EPL). Any business that hires employees should consider the potential value of this type of insurance coverage. It helps protect you from lawsuits by employees when claims of wrongful termination, sexual harassment, wrongful promotion, and discrimination are brought against you.
- Errors and Omissions (E&O). Otherwise referred to as professional liability insurance, errors and omissions coverage helps to protect your business from claims levied that you or an employee of your business failed to warn a patron of risks associated with their exercises or use of the equipment or something along those lines.
- Umbrella Liability Insurance. In some events, the judgments or awards ordered against your business are beyond the coverage provided by your general liability policy. In these events, an umbrella liability insurance will kick in to cover the amounts that go beyond the initial coverage – up to this policy’s coverage limits.
Insurance Needs Specific to Fitness Centers
Your fitness center is all about helping people to get into great shape. Chances are that in addition to professional advice and equipment provided on-site, you do a fair amount of business selling products, goods, and services to your patrons. They may include anything from skin care products to energy drinks. Product liability insurance will help prevent your business if there are recalls or side effects discovered related to these products and you are sued for offering them or they result in injury.
Supplemental liability insurance protection is a good idea if your fitness center offers any of the following services or features:
- Swimming pools
- Tanning beds
- Rock climbing walls
- Hot tubs
- Day Nursery Coverage
Equipment breakdown insurance coverage is in order to handle the high costs of repairing and/or replacing expensive fitness equipment should it break down on you. If you offer a nutrition bar or any type of food service in your fitness center, you should also consider insurance for things like spoilage, food poisoning, etc.
In addition, business interruption insurance is vital in the event of loss of business if your health or fitness center is temporarily unable to operate.
Why Work with The Insurance Center of North Jersey?
The Insurance Center of North Jersey has been serving the needs of New Jersey businesses for the past 80 years. We are part of the community we serve and are committed to helping local businesses reduce their risks of doing business. We will help you get the insurance you need to offer your fitness center the best possible insurance protection at a price that’s right for you.