If you’re in the health and fitness business, you’ll know all about getting your customers to work hard to get results. But have you ever stopped to think about if your insurance is fit and healthy? Read our guide and get your gym insurance into shape.
Why do I need gym insurance?
1 in 7 people in the UK are members of a gym. That’s a rise of 5.1% in the last year and great news for everyone involved in the fitness industry. But that’s also more people who have the potential to sue your business. Even if you ask clients to sign a disclaimer, under the terms of the Unfair Contract Terms Act they can still sue you for negligence. And the rise of the no win, no fee culture means it’s easier than ever to make a claim.
How much can your health and fitness business be sued for?
LegalExpert.co.uk outlines to potential clients just how much they could expect to claim in compensation if they suffer an injury at the gym. Figures range from £9,500 for a minor back injury to over £100,000 for a severe leg injury. And the costs spiral for head or neck injuries or paralysis.
We live in a no win, no fee culture, where there’s nothing to lose by putting in a claim. Even if you’re able to prove an injury was not your fault, the legal fees to defend yourself can quickly mount up.
Comprehensive public liability insurance is a must for peace of mind
You can get peace of mind that you’re covered financially with public liability insurance. This pays out your legal fees if someone makes an injury claim against your business. Obviously, in the fitness industry injuries can be sustained during training. You can also be sued if someone trips or slips and hurts themselves on your premises. For example, a client slips on a wet floor that has not been properly mopped up or marked as a hazard. And if you serve food or drinks, public liability insurance will also take care of any claims for food poisoning or allergic reactions to mislabelled food or drink.
What other areas of insurance do I need to think about for my gym?
Every fitness business is different. And every fitness business has different insurance needs. Look for a bespoke policy so you get everything you need, but don’t pay for anything you don’t. As well as public liability insurance, areas of insurance you may need to consider include:
- Employer’s liability insurance – this is like public liability insurance, but covers the costs of any claims for injury or loss made by a member of your team. It’s a legal requirement if you employ anyone, even if they’re a family member, only work part-time or are sub-contracted. Without it, you can face fines. And if anything does go wrong you’ll face huge bills if you don’t have the right cover. You can read more guidance on employers liability insurance from The Health and Safety Executive.
- Buildings and contents cover – you’ll need specific business buildings and contents insurance for your premises. Carefully consider all the costs of replacing fixtures and fittings as well as your expensive specialist equipment. Don’t be tempted to skimp. If you’re under insured it can be financially devastating to your business.
- Money cover – the cash in your tills makes you a target for thieves. Losing a day or two’s takings could have a devastating impact on your cash-flow, so take out specific insurance cover for cash on your premises and in transit to the bank.
- Key personnel insurance – how would your business cope if a key member of staff left? This insurance offers financial compensation to help you manage if that happens.
- Personal injury insurance – if you hurt yourself and cannot work, this insurance will help you pay the essential bills. It can be prudent to have it if you work for yourself or are concerned about the impact on your business if you are injured and unable to work.
Getting the best price on gym insurance you can count on
As the saying goes, ‘no pain, no gain’. You should beware of rock bottom prices for your gym insurance as it might not offer the level of protection you need. But you can still get the best price on quality cover if you shop around or get a specialist broker like Park Insurance to do the hard work for you.
We are independent insurance brokers and we specialise in niche areas like the health and fitness industry. We combine our in-depth understanding of your individual business needs with our knowledge of the insurance industry. That means we can secure great deals on quality insurance that that you can count on. We tailor each policy to your specific needs, so whether you run a chain of gyms, have a small yoga studio or work for yourself as a personal trainer, call our team on 01179 955 6835 or get a quote now.