Business Property Insurance
Gym Insurance HQ can assist you with all of your gym business insurance property needs with access to the largest range of general and fitness specialist property Gym Insurance companies in Australia.
Business property insurance is usually straightforward, but the property insurance requirements for gyms and fitness centres can be much more complex.
Many fitness centres have the wrong or insufficient coverage. The problem we see with many non-fitness specialist insurance brokers is that they do not know when a policy is wrong for a client. Some of the greatest issues we see for gyms include:
- Limitations within burglary cover when gyms operate with unsupervised member access.
- Policies ignoring the growing complexity and value of fitness equipment with both electrical and mechanical components often not covered for fusion or failure.
- Business interruption not being correctly covered/structured to adequately cover a standard membership based income stream.
- Equipment not being covered when being used at mobile locations or when being transported to locations.
Gym Insurance HQ can assist in getting you the right coverage for your gym, and at the right price.
To see the benefits of dealing with a fitness industry property insurance broker, contact us on 1300 815 344 or request a quote online.
What is Business Property Insurance?
If you own a gym or a fitness-related business, then business property insurance can help you safeguard your business and livelihood.
Business property insurance protects the physical assets in a business from loss or damage, as well as your business income in the event if 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.
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Areas of Business Property Insurance
The main areas that business property insurance covers 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
Like with most other types of insurance, people think “It won’t happen to me”, however as a fitness industry specialist we have a dedicated claims manager to assist those clients who it does happen to.
some examples of common claims include:
Theft
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 online. 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 send us a message.
For further information on business insurance in the fitness industry check out these articles: How to Get a Cheap Fitness Business Insurance Policy & The Top 5 Mistakes That you Should Avoid When Buying Fitness Business Insurance.
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