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Lowering the cost of your gym insurance
Heavy equipment, sweaty patrons, and accidents galore – running a gym is no easy task. To add to your problems, you have to get commercial insurance coverage. Don’t worry though – it is doable.
Here’s our guide to finding a fitness club insurance policy that meets your needs.
What is gym insurance?
Gym insurance is another form of commercial insurance. All types of businesses operate with a degree of risk, and if something goes wrong, having commercial insurance can make the situation much easier to navigate.
Gyms, in particular, are risky environments where accidents can happen in an instant, and chances are that the gym itself might not be at fault. A good gym insurance policy covers hefty expenses in the event of unexpected mishaps.
Insurance for gyms generally combines several different policies, but your policy will depend on several factors, such as your facility’s size, gym equipment, and the classes it offers.
Why you need comprehensive gym insurance
Regardless of your business type, getting insurance is always a good idea and often a legal requirement.
In the case of owning a gym, the chances of receiving a lawsuit are significantly higher than in other types of businesses, particularly if it comes from a person who ended up having to visit the doctor’s surgery. Comprehensive gym insurance can help you deal with lawsuits and unforeseen circumstances, should they arise.
Gym owners also tend to forget that the risk of injury is not the only thing they need protection against. Workplace injuries, theft, natural disasters, negligence, and cyber attacks, are all possible scenarios that could lead to substantial financial losses.
For example, a faulty water connection could cause flooding, damaging expensive gym equipment. Without an insurance policy, you’ll be forced to handle a repair bill on your own, which hinders any plans you had to grow your business. In some cases, emergency expenses can wipe out your business altogether.
What does gym insurance cover?
Employers liability insurance is a legal business insurance requirement in the UK. If an employee is injured or falls ill on the job, the employer’s liability can cover the cost of damages and legal fees.
As the COVID-19 pandemic taught us, there will be periods when a business may not be able to operate, be it for a short or prolonged period. Unexpected events, such as floods, fires, or even the aforementioned pandemic, can be covered should they occur.
This type of cover ensures your business can return to its previous financial state.
Public liability cover
With public liability insurance, your business is protected from claims made by clients, contractors, and members of the general public who have been injured or have had their property damaged while using your facilities.
This is useful for covering incidents that take place on your premises.
With this coverage, the insurer can cover the cost of repairing your gym’s building in the event of storm damage, fire, vandalism, and theft.
Insurers can be very specific in terms of the types of events that they cover, so you always need to make sure that you ask for the full details of your policy to see if an insurer covers hail, for example. The Utility Saving Expert team always has what it takes to find you the right cover.
If a gym has a lot of high-end machines then equipment cover is an absolute necessity since replacing or repairing equipment that has been stolen or damaged is very expensive. With comprehensive equipment insurance, you are more likely to have well-maintained and functional equipment – just what gymgoers expect.
Additional gym insurance
It might be worth investing in additional cover if you want to ensure that your gym operation runs smoothly.
Given the age that we live in, cyber attacks on businesses are becoming more common. Cyber criminals typically target larger-scale businesses, but this can happen to anyone, so if you can, find a policy that can give you truly comprehensive cover.
How to compare and switch business energy suppliers
Utility Saving Expert has made the process of switching business energy tariff easier than ever.
You can save your business hundreds or even thousands of pounds each year by comparing business energy tariffs with Utility Saving Expert. Using our fast and advanced system, we provide a full market comparison to check you’re not overpaying on business electricity and business gas. All you need to do is enter a few business details online and we’ll handle the rest.
To compare and switch your business energy supplier, complete one short form to provide details about your business, including the location, your current supplier, and how much you typically spend on business electricity and gas bills.
Compare business energy suppliers using:
- Your business premises address
- Name of current energy supplier
- Usual cost of your business energy bill (excl. VAT)
- Your contact name and number
- Your meter number (Optional)
Why compare gym insurance with Utility Saving Expert?
Accidents happen with gyms, so when they do, you want to make sure you are as prepared as possible to deal with them.
At Utility Saving Expert, we have an experienced and knowledgeable team who can help you find a gym insurance policy that suits your needs and wallet. We have an intelligent online system that is fast and reliable, allowing you to compare quotes from leading UK insurance providers.
For business owners, getting insurance can be a tedious process, but it doesn’t have to be that way. Our system is specifically designed to source trusted insurers, bespoke policies, and competitive rates. You’ll never again have to waste your time juggling multiple tabs on your computer to find insurance.
Our comparison service is completely free, so don’t waste another second; find the gym insurance policy you’ve been looking for today!
Sports travel insurance is a totally separate thing from gym insurance but is still a key part of the sports and leisure industry. Due to the unpredictable nature of holiday activities such as scuba diving, quad biking, and bungee jumping, holiday goers often sign up for sports travel insurance.
This type of policy can keep you covered in the event of an accident or unforeseen circumstances while engaging in or initiating high-risk holiday activities.
Sports travel insurance can cover the following:
- Trip curtailing or cancellation
- Emergency medical expenses
- Loss of passport or money
- Delayed personal possessions
- Personal accident cover
- Missed or delayed departures
- Legal expenses
- Personal Liability
Package policies are insurance policies that include more than one type of insurance cover. One of the most common types of package policies combines property coverage with liability coverage.
Package policies tend to be popular because of their cost-effectiveness, as one insurer can cover several lines of business. Be aware that some package policies may not necessarily cover all the areas your business may need coverage for though. So, it’s always important that you confirm the extent of coverage with a prospective insurer beforehand.
Illegal insurance providers, also known as ‘ghost brokers,’ are entities that sell fraudulent insurance policies. In most cases, they will offer a business owner a cheap deal and provide them with documents to give them the impression that they are covered when they aren’t.
Ghost brokers will leave you in legal trouble, unable to make a claim, and having to seek out and pay for a legitimate policy.
To see if an insurer is legit, you can do the following:
- Do a quick internet search in which you add keywords such as ‘scam’ and ‘rip off.
- Check online review platforms to see what others say about them.
- See if they are authorised by the Financial Conduct Authority under a Firm Registration Number.
Luckily for you, our comparison tool is designed to source only trustworthy insurers. We also have a dedicated team with a wealth of knowledge regarding protecting business owners from scams. Be sure to get in touch with them for more information.
Cross-fit gyms don’t differ much from regular gyms regarding their insurance requirements and cost. However, due to cross-fit still being somewhat of a niche activity, many cross-fit gyms tend to be smaller and have less equipment than established commercial gyms.
The size of your business is a key factor in your insurance being priced, so having a larger business will inevitably cost more than a smaller one. Gym owners typically pay around £25 per month for insurance, but this amount can vary according to several factors.
Gyms are indoor places with various equipment and machines for physical workouts.
Both recreational and professional athletes work out at a fitness centre. Fitness centres generally specialise in certain sporting or fitness disciplines but still provide a variety of workouts. They are also typically larger than your average gym.
A health club bears similarities to a fitness centre but focuses more on whole-body wellness as opposed to just physical fitness. Nowadays, many high-end gyms can be classified as health clubs due to the amenities they offer. Health clubs tend to have swimming pools, steam rooms, and designated spaces for sports.
From a legal standpoint, a gym and a health or fitness club may be seen as the same thing but may differ slightly in terms of the finer details in their respective insurance policies. If you’re unsure which category your gym falls into, it may be worth looking into specialist gym insurance.