Build A Comprehensive Insurance Portfolio And Stay In Business For Life   by Maddie Wilson

in Insurance    (submitted 2011-05-29)

If you out a fitness club chances are you have dedicated a lot of time and money to build your establishment's reputation. In order to protect your business you must invest in a comprehensive health club insurance plan. Building your insurance portfolio will require research and assistance from a knowledgeable commercial insurance agent. It is important to build a plan that will cover not only your workout equipment, but also your liability in the event a member tries to sue your organization. Health clubs are very vulnerable to claims if they are not adequately protected. Know which coverage options are most important and make a wise investment.

What Activities Are Covered?

Health club insurance policies can exclude specific activities and areas of a fitness club. To ensure all of the activities you offer are covered, you will need to read your policy in-depth. Make sure some of the most common activities are listed as covered areas within your policy. These activities and areas include: weightlifting, swimming, sun tanning, basketball courts, hot tubs, group fitness, tennis courts, saunas, and more. If areas of your gym are specifically excluded in a plan, be sure to add a rider to cover the exposure. Riders are available for an additional premium.

Equipment Coverage

When you opened your fitness club, you invested quite a bit of money in furnishing quality commercial-grade equipment. Even leased equipment can end up costing an arm and a leg if it is damaged in an unexpected loss. Equipment coverage on a health club insurance plan will pay to repair or replace business property in the event of a covered loss. Covered losses may include: fire, theft, vandalism, wind damage, explosion, civil riot, and commotion. Business property is not limited to just your gym equipment. It also includes business computers, furniture, and anything else not permanently fixed to the building. Be sure to take an inventory of your business property to set an adequate limit of insurance.

General Liability Insurance

If your business or staff members are negligent for injuring a person or damaging property, the injured party has the right to sue for monetary compensation. Paying these awards out-of-pocket can become very expense. If you want to protect the financial stability of your business you must carry General Liability insurance. Basic policies will offer $1 million in liability coverage with miscellaneous professional liability options for trained professionals. This protection will also provide coverage against libel, slander, invasion of privacy, and advertising injury.

Protect the business you have worked so hard to expand. Health club insurance can be purchased from commercial insurance agents and brokers. Find a reliable agency or brokerage and review all of your options. Once you build an extensive policy you will have the peace of mind you need to operate your business efficiently.

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