Running a fitness business exposes you to all risk elements such as property damage, personal injury to your employees, and members, or interruption of operation while facing a lawsuit. This is the main reason why an insurance policy is a must for all fitness or gym owners. If you are about to meet a potential Fitness Business Insurance Australia provider, below is a guide to the information you need to provide:
Level of risks that you may deal with while operating the fitness centre
One of the pieces of information that you have to disclose with a potential insurer is the level of risks that your Fitness Centre may face that could involve loss of property or damage.
Personal information
You are required to share with an insurer your personal details. The facts you will give relating to yourself will help the Fitness Business insurance provider recommend a better insurance policy quote. Among the personal details you need to provide are:
Complete name
Your home address
Occupation
Date of birth
This is just some of the information that you need to comply with for the fast processing of your insurance policy. Also, expect the insurance company to ask other questions that will cover your fitness centre as well as the assets found inside this facility. In the event there are questions that you feel are irrelevant to your insurance policy, don’t disclose any information that you aren’t sure of or are not entirely comfortable providing.
What other concerns do you need to discuss with Fitness Business insurer Australia?
When buying an insurance policy it’s crucial that you know the exact coverage of your protection, both the inclusions, and exclusions. During the meeting with a representative of a Fitness Business insurer, request a complete list of your exclusions so that you know which areas you aren’t covered for. I advise you to take time to read the Product Disclosure Statement (PDS).
Additional tips and warnings:
Don’t just buy an insurance policy just because you got it at a cheaper price.
Do your best to fully understand the scope of protection coverage that each insurance product presented by the Fitness Business Insurance provider.
If there are terms new to you, don’t hesitate to ask for further explanation.
Buying your Fitness Business Insurance policy is your own personal choice. No one can dictate your final decision.
Before meeting with an insurer, come prepared with a list of questions that you want clarification on.
Never meet an insurer without a list of your personal requirements, insurance needs, and budget, so that they can provide you with an accurate estimate of your insurance policy.
Use the 14-day cooling-off period to clear your thoughts, assess where you will benefit most, and go for an offer that will make you confident while operating the fitness business.
Take charge of your situation when buying an insurance policy. If in doubt about an insurer’s proposed policy, you can always withdraw as long as it is still covered by the 14-day cooling-off period. If you exceeded the deadline, cancellation fees may apply.
If you are unsure of all the different terminology used in the insurance policies you are considering, why not get Gym Insurance HQ to look over it and see if our team can get a better deal for you or even just explain the terminology so that you understand the insurance? We as brokers are here to advocate for the client and ensure that you are fully insured against risks. Call us on 1300 815 344 or go online to request a quote to find out more.