Gym, Fitness Studio and Health Club Insurance in Albuquerque, NM

Gyms and fitness centers provide important health and well-being services for clients and members. However, due to the nature of these businesses, they also face several risks and liabilities, so a comprehensive insurance portfolio is essential.

The experienced team at Berger Briggs Insurance & Risk Solutions Inc. in Albuquerque, New Mexico, is ready to help you secure the policies that suit your business’s needs. Contact us today to get started.

What Insurance Does a Gym Need?

Each gym or fitness center has a unique risk profile that impacts the types of insurance they need. Conducting a risk assessment and consulting with your insurance agent can help you determine which policies best address your risks. In general, gym and fitness centers typically need several types of commercial insurance to cover their exposures.

What Does Gym Insurance Cover?

Gym insurance isn’t one standard policy. It is made up of many types of commercial insurance that provide broad coverage. Examples of available insurance include the following:

·        General liability insurance—This may provide coverage if your gym or fitness center is responsible for third-party property damage or injuries. It can help compensate affected parties (e.g., pay medical expenses) and help cover your associated legal expenses (e.g., court costs and judgments).

·        Commercial property insurance—This may provide payments to repair or replace your business’s property (e.g., your building or equipment) if it is damaged by covered perils (e.g., fire, vandalism or severe weather) or stolen.

·        Business interruption insurance— This may help cover financial losses (e.g., lost income) if your business is forced to close temporarily due to a covered event.

·        Professional liability insurance—This is also known as errors and omissions (E&O) insurance. It may provide coverage for claims that your business’s services or advice (e.g., fitness instruction) was improper or negligent and resulted in a loss to a client.

·        Cyber liability insurance—This may help pay for damages and recovery costs after a data breach or other cyber security incident (e.g., hackers accessed members’ financial records).

·        Workers’ compensation insurance—This may provide assistance (e.g., wage replacement or payments for medical expenses) if an employee suffers a work-related injury or illness.

·        Commercial umbrella insurance—If a liability claim exceeds your other liability policy’s limits, this may provide another layer of coverage.

 

Other policies and endorsements may be available to cover your clients, staff and business including the following:

 

·        Equipment breakdown coverage

·        Participant liability coverage

·        Communicable disease liability coverage

·        Medical payments coverage

·        Commercial crime insurance

 

Work with your agent to help secure the policies you need. We can provide more information on options, exclusions and limits.

 

How Much Is Gym Insurance?

The cost of insurance for gym facilities is determined by various factors including your selected coverage limits, the size of your gym or fitness center, the risk management protocols you have in place and the services your offer.

Where to Get Insurance for a Business

Berger Briggs Insurance & Risk Solutions Inc. can help you get the business insurance your gym or fitness center needs. Reach out to us today to get started with a quote.