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If you own a Gym or a Fitness-related business, then Business Insurance is vital to protecting you and your livelihood.
Business Property Insurance is what protects the physical assets in a business from loss or damage, as well as protects the businesses income following a claim.
Choosing a broker or insurer who specialises in your industry can be the difference between an approved or disapproved claim, not to mention competitive rates not found by broader insurers.

Business Insurance

The main areas of Business Property Insurance cover are:

• Fire Damage, Water Damage, Accidental Damage, Malicious Damage, Storm Damage
• Burglary
• Glass & Signage
• Money
• Loss or damage to electronic and/or mechanical items.
• Theft by staff.
• Business Interruption following a claim

As with the need for most insurance, people think “it won’t happen to me”, however as fitness industry specialist we have a dedicated claims manager to assist those clients who it DOES HAPPEN TO. Examples of recent claims include:

Theft
Standard smash and grabs are a common occurrence. Broken windows, damaged doors/door frames, and items stolen.

Water Damage
This would be the largest areas for claims, with many industrial area gyms suffering water damage due to leaking roofs and water runoff following heavy rain.

Electronic Equipment & Machinery Breakdown
This would be one of the highest payout claim types, yet it’s most overlooked by customers. Modern gyms run phone systems, CCTV, PA systems, Multiple TV’s and Mains powered cardio equipment. Lightning strikes are the most common cause for these items to blow up (fuse) due to power surge, yet a surprising amount occurs due to human error in multitenancy situations where electricians or other trades have worked in the main power distribution board room. Most lease agreements, unfortunately, enforce responsibility for covering items such as air conditioners back onto the tenant, and most equipment hire/lease agreements put the responsibility for this type of loss back onto the gym.

Business Interruption
This is another important area of insurance. It only pays out following a claim under another policy section but replaces the businesses lost income for up to 12 months following a claim. Examples of claims have included:
o Factory fire in an industrial estate, where due to chemicals in the premise the fire department closed the entire estate down so our insured could not operate for 9 days.
o Upstairs tenant left a tap running which “flooded” the gym below causing extensive damage to reception area and office. The Gym closed for approx. 1 week whilst the entrance was rectified and the flooring dried. A few weeks later it was discovered that mold was growing in the walls and carpet, so the gym was closed for a subsequent 3 weeks whilst effectively gutted and refitted.

Many businesses do not have the correct cover for their business property insurance and as such close within 18 months following a major event.

If you value your business and you want to protect your livelihood, give one of our multi-award winning brokers a call today on 1300 815 344 or request a quote HERE! At Gym Insurance HQ our industry-specialised brokers are genuinely here to help, so if you just want some advice or have any questions, don’t hesitate to get in contact or shoot us a message online.

For further information on Business Insurance in the Fitness Industry check out these articles: HOW TO GET A CHEAP FITNESS BUSINESS INSURANCE POLICY & TOP 5 MISTAKES THAT YOU SHOULD AVOID WHEN BUYING FITNESS BUSINESS INSURANCE