Should Have Shouldn’t your first priority be the health and wellbeing of your gym’s customers? When it comes to gym insurance Canberra franchise and fitness center owners mistakenly see premium payment as a burden. A closer look, however, will tell gym owners that apart from pushing customers to become better version of themselves, it must also be ingrained in their mind to guarantee health and wellness of their business.
From accidental slips and falls to cracked shins and clavicles from broken equipment, the risks of running a gym business can prove to be a heady endeavor. Risks of accident are part and parcel of running a business. With this, you will need a varied range of coverage for gym insurance Canberra specialistscan offer. To get you started, here are some types of coverage needed to keep your gym business on top of its health.
General Liability – This insurance coverage for your Canberra gym will provide protection not just to your facility and equipment but also to your employees and services. Ifunwanted incidents happen, this insurance coverage will provide needed cushion from claims raises by customers who encountered minor or serious trouble while inside gym premises.
Professional Liability – With personal trainers, specialised coaching staff and physical therapists or any independent contractors working in the premises, adding medical malpractice coverage on top of your general liability insurancewill deliver ample protection to your business. Keep in mind that theseemployees’ actions will directly represent your own and largely affects daily operation adding more risks.
Premises Liability Coverage – Gyms with heavy traffic is always open season for risks of accidents. While all these– adding staff like say spotters for weight lifting sessions or designing risk-averse environment and keeping sidewalks and parking lot well-maintained– can help prevent accidents in the workplace, it pays to have enough coverage to compensate client complaints in the event of an injury while within your business premises. Feel free to add an occurrencepolicy for complaints raised several years later.
Workers’ Compensation – Your personal and staff will also be at risk during their course of employment. Injuries can happen without any warning. Do remember to consult with a reliable gym insurance Canberra region specialist in determining what scope of injuries will be covered.
Business Interruption Coverage – There’s a chance that a gym can be damaged needing immediate and lengthy repairs after a natural disaster like flood, earthquake or cyclone. You may be forced to temporarily transfer or permanently relocate to another area and such requires ample amount of money to do so. This coverage will help you manage and not lose valued customers and members.
Cover for Equipment Breakdown – Some gym equipment can cost hundreds of thousands of dollars. Even a broken-down treadmill can be a headache. Losses, however, can be recovered with an equipment breakdown coverage allowing breathing space for your pockets when sending them for repairs or for replacement.
Commercial/Internal Crime Insurance Coverage – Financial and identity theft as well as computer fraud can happen. Risks such as these can be prevented via rigorous background checks on employees. An excellent recourse is to have this coverage while installing comprehensive security–computer or otherwise– to protect members and customers of your gym.