Insurance policies are not created equal. One policy might offer fantastic general liability coverage, but will leave club owners hanging when it comes to professional liability. Others may offer umbrella coverage that protects your business, but not your staff. That’s why it’s important to pick policies that are tailored to the unique needs of clubs and gyms.
Keep Long-term Costs in Mind
At first glance, the lowest monthly premium can be the most alluring to club owners. But when it comes time to file a claim, the bargain policy might end up being the most expensive option, especially if it doesn’t cover every aspect of the business.
Similarly, an expensive policy with a low deductible can also lead to more long-term expenses. Many generic business owner policies are not tailored to a specific industry — such as fitness clubs and gyms — and can leave gaps in coverage and have lower limits than you may need.
Look for Risk Management Tools
When choosing a policy, look beyond the coverage. Many insurers have risk management tools to help businesses avoid claims, manage incidents and help with claims reporting. These are all important benefits that come with a quality policy. Club owners should look for tools that help prevent cyber-attacks, equipment malfunctions and injury, and are tailored to the needs of an individual club.
Quality insurance programs also come with a knowledge base of recommendations and best practices for club owners. Experienced insurers have decades of expertise working with clubs and know the most common claims and trends. When picking a policy, club owners need to make sure they are taking full advantage of the tools and knowledge that comes with an experienced and reputable insurer.
Find Insurance that Understands Your Needs
Above all, club owners need to pick an insurer that understands the unique needs of clubs and gym spaces. Pools, gym equipment and professional liability are just some of the unique challenges and considerations in the gym space. These risks need to be managed, prevented and covered properly.
Club owners need more than a basic insurance policy, they need insurers who understand the needs of their business. By choosing a policy with an experienced insurer that understands the club space and provides tools to prevent claims, club owners ensure that their members and business are covered and properly supported.
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Brian Rawlings is Practice Leader forFITLIFE, which insures fitness facilities, health clubs & spas, for Venture Programs. He can be reached by phone at 800-282-6247 ext.323 or email:brawlings@ventureprograms.com.
