As a fitness instructor, the well-being of your clients is likely at the top of your mind, but the health of your business should not be neglected. If your business were to be hit with a lawsuit or your building was vandalized, would you be able to cover those expenses?
Every fitness studio is unique, but general liability insurance and professional liability insurance are two common coverages. Some examples of what general liability insurance typically covers include certain types of bodily injury to customers (for example, a customer trips and falls over a yoga mat while walking into your studio), certain types of property damage to customers (for instance, an employee accidentally damages a customer’s phone), and copyright infringement (for example, your company’s logo or branding infringes on another’s intellectual property rights). Professional liability insurance can help protect you if a client believes that a mistake you made in connection with your professional services caused them harm and decides to sue you. This could include, for example, a claim that your negligence in leading a yoga class caused a customer to suffer an injury. If you frequently offer professional advice to clients, you should consider professional liability insurance.
One yoga mat may not add up to much, but 25 mats for a class and their added accessories can add up to thousands. If you have a sound system, lighting equipment, storage cubes, and other equipment, you should consider commercial property insurance. If you are also considering general liability insurance, you may be able to bundle them together with a business owner’s policy. Commonly referred to as a BOP, a business owner’s policy can sometimes offer a cost savings versus purchasing the policies separately.
If you have employees, depending on where you live, you will likely need workers’ comp. A workers’ comp policy can help your employees who become injured because of work related events- such as injuring a rotator cuff while demonstrating a pose. While you want to take every precaution to ensure your team is safe, including education and proper training, accidents can happen. The cost of your workers’ comp policy will depend on where your business is located, as well as other factors like how many employees you have.
Today’s yoga and fitness studios commonly rely on membership management software to have clients register for classes. If your fitness business handles credit card numbers, keeps financial data, or stores confidential customer information, you should consider cyber insurance. Whether your business is large or small, not having cyber insurance could put your business at financial risk.
If the building that you host classes in were to catch fire, it could mean weeks of cancelled classes and lost revenue for your business. Business interruption insurance can protect you from lost income due to a covered peril.
A quick online search for insurance quotes will turn up no shortage of options for your yoga or fitness studio. It can be easy to focus on only the price, but how do you know if the policies you are comparing offer similar coverage?
We are a third-generation insurance agency that works with dozens of insurance carriers- which means more options for our clients. You can request a quote from us by filling out our form here, or find a list of our offices throughout the Northeast here.
Before reaching out for quotes, it’s a good idea to gather information about your company such as the number of employees that you have, your revenue, and business property. From there, you can reach out and request a quote. After receiving options back, you can compare policies. Because coverages vary from policy to policy, it helps to reach out to a local insurance professional. Once you have decided what policies you would like and made the necessary payments, the insurance carrier will issue a certificate as proof of insurance.
If you are just getting your fitness studio off the ground, it can be tempting to skip insurance coverage until you get more established. However, it is important to understand that the risks your business faces will still exist on your first day, week, and month open. As a business owner, deciding when to get business insurance is typically up to you. If you are renting space to host your classes, many landlords will require that you show proof of insurance in order to rent the space.
___________________________________________________________________
This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
What You Should Know About Starting a Fitness Business How to Start a Fitness Business You’ve been inspired to start your own fitness business- but
Insurance for an LLC As an owner or “member” of an LLC, you have probably done your due diligence when it comes to researching what
What Insurance Should a Personal Trainer Have? If you are wondering what types of insurance coverage you should have as a personal trainer, the answer
