With changing work-life trends and the increasing influx of people working round the clock, the fitness industry has also had to change its way of working. With more and more flexible hours, the 24-hour gym business has also taken off. All gym and business owners will understand the importance of a 24-hour fitness franchise in these times. And along with the well-being of the clients, it is also important to ensure the well-being of the business. This is done with the help of the correct insurance policies, some of which are discussed here.
Since there are many mishaps that can take place on any given day, from medical emergencies to failed equipment, there are different types of insurance one may have to consider for a gym business.
In any given 24 hour gym in Australia, there may be incidents of injuries during weight lifting and breaking equipment. The fitness industry, whether it is a Yoga studio, a cycling work-out studio, gym, martial arts or Zumba classes, 24-hour gym insurance is the need of the hour for any business. Proper, full-cover insurance is required to protect the business, employees, and clients.
The Different Types of Insurance
- Professional Liability Insurance
Professional liability insurance offers coverage against any claims of negligence on behalf of the employees employed in the business. Since employees are the actual representatives of business in day-to-day matters, one can get insured against these. All kinds of physical therapists, on-site doctors, dieticians, nutritionists, fitness trainers, athletic trainers, and physiotherapists can be covered under this.
- Property Coverage
Since many gyms and fitness training institutes have facilities like recreation rooms, lockers, private sauna and bathrooms, offices, conferences or teaching halls, gymnasium or swimming pools, separate insurance is required for these. Insurance that covers business property is required to protect a business in case things go wrong due to unexpected accidents.
- Liability on Premises Coverage
A premises liability is considered to be high when a business sees a regular intake of visitors, thus increasing the traffic of premises. This kind of coverage protects a business from liability in case a client or patron gets injured within the premises of the business, including the parking lot. In any case, this risk should be mitigated by ensuring that are handlers and supervisors in the room where weight lifting takes place, and private areas like lockers and bathrooms should also have assistance. Well-maintained parking areas, safety facilities, and other measures must be taken, but in case of a problem, a premises liability policy can go a long way to safeguard a business.
- General Liability Insurance
General liability insurance helps ensure coverage for the business in terms of the employees, equipment, products and services, and also incidents of negligence at the hands of the employees. This also includes physical injuries on the premises as well as damage to property. In cases of any claims made by the customers on-premises, general liability coverage can help cover those too.
Such insurance is particularly important when there are independent contractors running the daily tasks, like personal trainers, in-house nutritionists and doctors, physical therapists and others.
- Workers’ Compensation
A workers’ compensation insurance helps take care of claims in cases where there are any injuries associated with employees while they are underemployment, during the course of their job. One should also review the state’s workers’ compensation policy for a given place where the business is registered to check if injuries are covered in an employer-sponsored fitness center.
A detailed handbook for a business that outlines the rules and liabilities for a given premises is also an added cover that can be easily put into place to safeguard a business.