If You Own a Gym, Your Brain Should Be Bigger Than Your Biceps

liability coverage

I know, believe me, I know. As a gym or fitness club owner, whether male or female, you want to look fit and strong. It’s a prerequisite. However, besides looking good, you have to be smart. There’s so much at stake.

You have to protect yourself, your business and be on top of it when it comes to the safety of your members and employees.

What I’m saying is that you have to use your head when it comes to insuring your club. You cannot protect yourself against the crazy things that happen in a gym with your physical strength. Many of the things gym owners get sued for are simply people playing head games. So, you really need to exercise that grey matter between the ears.

The owners that get in trouble and have to shut their doors are typically the ones that skimp on insurance.

A single lawsuit can wipe out a gym in a heartbeat if not insured properly.

Today, with identity theft growing exponentially, cyber liability coverage must be added to your policy. If your club records get hacked and your members’ information gets stolen, you could be liable.

The 11 types of insurance I’ve listed below should be part of every club policy.

General Liability Coverage
Cyber Liability Coverage
Professional Liability Coverage
Business Income and Extra Expense Coverage
Workers’ Compensation
Occurrence Policy
Equipment Breakdown Coverage
Business Personal Property Coverage
Participant Liability and Accidental Medical Coverage
Premises Liability Coverage
Employee Dishonesty, Money and Securities Coverage

Call your insurance provider on a regular basis – at least once a year – to review your coverage and to make any additions and tweaks to coverage that you may already have in place. A well-protected club is one that projects an aura of safety and respect for its members and employees. That’s just smart business. And, smart is healthy and sexy.